Iloilo City: The local government here on Tuesday signed a joint venture with EON Realty and Development Corporation (ERDC) for the construction and development of condominium housing projects under the Pambansang Pabahay Para sa Pilipino (4PH) Program. The agreement was signed by Iloilo City Mayor Jerry Tre±as and ERDC president Franjieh Eon Angelo Tiu at the Mayor's Office. It was witnessed by Iloilo City Local Housing Office head Peter Jason Millare and Department of Human Settlement and Urban Development (DHSUD) Western Visayas regional director Eva Maria Marfil.

According to Philippines News Agency, the PHP2.54-billion Iloilo City USWAG Condominium Complex Project will be established on an almost two-hectare lot owned by the city government in Barangay San Isidro in Jaro district. The multi-level residential condominium project, composed of 1,677 units, will feature 13 10-story buildings with 129 units per building.

The agreement specifies that the overall costs and expenses for the construction of the condominium units shall be shouldered by the developer, as specified and approved by the DHSUD and the LGU-Iloilo City. These costs will be recovered by the developer from the proceeds of take-out made by the Pag-IBIG Fund.

Millare emphasized that the project is aimed at low-income families, informal settlers, and first-time buyers. To date, they have gathered 247 applicants with loyalty cards, 1,500 Pag-IBIG members, and 500 non-Pag-IBIG members. Interested buyers will have a choice of a 24-square-meter unit priced at PHP1.53 million, and 27 square meters for PHP1.7 million.

He expressed hope that the project will address housing backlogs, noting that a final survey revealed 20,038 actual informal settler-households in need of housing. Marfil encouraged other local government units to apply for the 4PH, particularly in urban areas. She noted that 4PH is the only government program with a subsidy from the national government, with buyers only paying 1.25 percent in annual interest.

Meanwhile, Mayor Tre±as highlighted the availability of additional lots for future housing projects, underscoring the significance of the initiative. 'Those who are interested can apply with the housing department,' he said.