The Market Monitor Minding the Nation's Business
For the first four months of 2022, the Pag-ibig Fund has financed 5,411 socialized homes for minimum-wage and low-income members.
From January to April 2022, socialized home loans make up 18 percent of the 29,310 units financed by the agency amounting to P2.35 billion out of the record-high P31.97 billion home loans released by the agency.
The Pag-ibig Fund’s Affordable Housing Program (AHP) is for members from the low-income and minimun-wage sectors who earn up to P15,000 a month in the National Capital Region (NCR) and up to P12,000 per month outside NCR.
Pag-ibig Fund Chief Executive Officer Acmad Rizaldy Moti said under the AHP, borrowers enjoy a subsidized rate of three percent per annum for home loans of up to P580,000 for socialized subdivision projects, and up to P750,000 for socialized condominium projects.
He noted that the AHP’s three percent rate remains the lowest in the market. This has been offered to low-income members since 2017 and due to its tax-exempt status as prescribed under Pag-ibig Fund Law of 2009.