The Market Monitor Minding the Nation's Business
Filipino workers now have more opportunities to own homes in key urban areas as Pag-IBIG Fund partners with SM Development Corp. (SMDC).
The two institutions signed a memorandum of understanding on Sept. 8 that will widen the selection of SMDC residential projects available to qualified Pag-IBIG members, while providing preferential pricing on selected units and programs aimed at helping prospective buyers make informed homeownership decisions.
The partnership supports the Department of Human Settlements and Urban Development (DHSUD) and Pag-IBIG Fund’s efforts to increase private-sector participation in President Ferdinand R. Marcos Jr.’s Expanded Pambansang Pabahay para sa Pilipino Program, or Expanded 4PH.
DHSUD Secretary and Pag-IBIG Fund Board of Trustees Chairman Jose Ramon P. Aliling said SMDC’s participation will give members more housing choices, particularly workers seeking homes closer to their workplaces.
“The direction of President Ferdinand R. Marcos Jr. is clear. We want more Filipino workers and their families to have a real opportunity to own a home in the city, particularly one closer to where they work,” Aliling said.
“With Pag-IBIG Housing Loans now up to ₱10 million for each qualified member, more Filipino workers can choose from SMDC properties and pay for their chosen home at affordable rates over time,” he added.
Under the agreement, qualified Pag-IBIG Housing Loan borrowers may receive preferential prices on selected units in participating Pag-IBIG-accredited SMDC projects.
These currently include Coast Residences and ICE Tower in Pasay City, Spring Residences in Parañaque City, selected phases of Hill Residences in Quezon City, and SMDC Cheerful Homes 1 and 2 in Pampanga.
SMDC is also seeking Pag-IBIG accreditation for additional developments in Makati, Mandaluyong, Pasay and other growth areas.
The projects being considered include SMDC Heights, SMDC Nature and SMDC Symphony Homes, covering high-rise, mid-rise and house-and-lot communities.
The partnership also includes buyer education and planned homebuyer activities to help prospective homeowners understand their financing options and the properties available to them.
SMDC President Jeffrey C. Lim said broader cooperation between the public and private sectors is necessary to make homeownership more attainable for Filipino families.
“Homeownership is too important for any one institution to address alone. Making it more attainable requires strong partners with a shared commitment to Filipino families,” Lim said.
The SMDC tie-up forms part of the government’s continuing push to bring more private developers into Expanded 4PH, allowing Pag-IBIG members to access a broader range of housing projects through affordable financing.