Manila: Pag-IBIG Fund has launched an early bird promo granting a 10-year 3-percent subsidized interest rate to the first 30,000 borrowers under the government's expanded Pambansang Pabahay Para sa Pilipino (4PH) program. In a Bagong Pilipinas Ngayon interview on Monday, Pag-IBIG Fund Public and Members Relations Group Vice President Jack Jacinto said the initiative is part of the agency's strengthened efforts to support the Marcos administration's housing agenda, which is to make homeownership more affordable and accessible to all Filipinos.
According to Philippines News Agency, the usual 3-percent subsidized rate applies only for the first five years of the housing loan, but under this early bird promo, the first 30,000 borrowers will enjoy this rate for a full ten years. The special offer targets low-income and minimum-wage earners, particularly first-time homebuyers. To qualify, Metro Manila-based applicants must have a monthly income not exceeding PHP47,800, while those in areas outside the capital must earn no more than PHP34,800. All overseas Filipino workers (OFWs), regardless of income, are also eligible for the program.
Jacinto noted that the reduction in the interest rate could translate to significant savings. A socialized housing unit priced at PHP850,000-the current price ceiling for house-and-lot units-would normally come with monthly payments of around PHP5,400 to PHP5,500 under a regular loan. With the 3-percent subsidized rate, the amortization declines to around PHP3,600 to PHP3,700, offering relief to cash-strapped families.
To avail of the promo, borrowers must apply and get approved for a Pag-IBIG housing loan under the expanded 4PH program. Jacinto emphasized that no pre-determined list exists and eligibility will be based on a first-come, first-served basis. Applicants may submit their documents, including proof of income, through the developer of the housing project, the regional office of the Department of Human Settlements and Urban Development, or any Pag-IBIG Fund branch nationwide.
The early bird promo applies to all socialized housing units under the expanded 4PH program, including house-and-lot units worth PHP850,000 or less; condominium units not exceeding PHP1.8 million; and Pag-IBIG-acquired assets within the same price ceilings. The agency expects the promo to drive early applications and help fast-track the government's target of building 1 million housing units annually under the 4PH program.
