The Department of Human Settlements and Urban Development (DHSUD), working through the Pag-IBIG Fund, will roll out a new modality under the Expanded Pambansang Pabahay para sa Pilipino (4PH) Program aimed at helping private developers move unsold condominium inventory, DHSUD Secretary Jose Ramon Aliling announced this week.
The modality will cover condominium units priced at ₱3 million and below in prime locations, offered to homebuyers through Pag-IBIG Fund’s low-interest loan facility. DHSUD said the option is intended to address the buildup of unsold condominium stock, particularly in the National Capital Region.
Aliling said DHSUD and Pag-IBIG Fund will release the guidelines for the new modality in the coming weeks. He added that the program will also count toward developers’ compliance with the government’s balanced housing requirement, which obliges developers of high-end projects to allocate a portion of their investment to housing for lower-income buyers.
“With this new modality through Pag-IBIG Fund, we will enable private developers to sell more units, thus addressing inventory issues, while offering wider options for our homebuyers and access to best-located housing units at a lower price with low interest rates,” Aliling said. “It will be a win-win balance for our stakeholders – the homebuyers and developers,” he added.
Aliling raised the proposal during a meeting of the Private Sector Advisory Council (PSAC) Infrastructure Sector Group–Real Estate, presided over by President Ferdinand R. Marcos Jr. Executive Secretary Ralph Recto and Department of Economy, Planning, and Development Secretary Arsenio Balisacan also attended.
Private sector representatives at the meeting included PSAC Strategic Convenor Sabin Aboitiz, president and CEO of Aboitiz Group of Companies; Paolo Borromeo, head of PSAC-Real Estate Group; Allianz Global Inc. President and CEO Kevin Tan; Robinsons Land Corp. Chairman Lance Gokongwei and RLC President Mybelle Gobio; Ayala Land Inc. President Meanne Dy and ALI Senior Vice President Mariana Zobel; and SM Prime Holdings Executive Vice President Cris Noel Torres.
Dy told the meeting that Pag-IBIG Fund’s existing low-interest home loan programs under the Expanded 4PH have already helped developers manage inventory challenges. Aliling said several top developers indicated they are willing to lower selling prices to qualify for the new modality, which DHSUD says is meant to give working-class Filipino buyers access to condominium units in established locations at reduced prices.
Closing his remarks, Aliling said in Filipino: “Patunay ang PSAC meeting na ito sa commitment ng administrasyon ni PBBM upang mas mapalago at lalong tumatag ang sektor ng pabahay para sa kapakinabangan ng mas maraming pamilyang Pilipino.” (“This PSAC meeting is proof of the Marcos administration’s commitment to growing and strengthening the housing sector for the benefit of more Filipino families.”)
DHSUD and Pag-IBIG Fund have not announced a release date for the full program guidelines.
