Pag-IBIG, SMDC Partner for Preferential Home Prices

The Home Development Mutual Fund (Pag-IBIG) has inked a memorandum of understanding with SM Development Corp. (SMDC) to offer qualified borrowers preferential pricing on selected units across select developments in Metro Manila and Pampanga. Pag-IBIG on Tuesday said the partnership with SMDC will offer preferential pricing in projects such as 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 working to add more projects to the partnership, with projects such as SMDC Heights, SMDC Nature, and SMDC Symphony Homes—covering high-rise, mid-rise, and house-and-lot developments—currently under review. “Our promotional rates of 4.5% on loans of up to P4.9 million and 5.75% on loans above P4.9 million and up to P10 million make financing their chosen home even more affordable and are available to qualified borrowers until the end of the year,” Pag-IBIG Fund chief executive officer Marilene Acosta said in an emailed statement. “This is part of our comprehensive approach to helping our members own a home. We do more than provide affordable financing. We also work closely with developers and other stakeholders so that more homes are built to meet the needs and budgets of Filipino workers,” she added. Under its charter, the Pag-IBIG Fund is mandated to establish, develop, promote, and integrate a nationwide sound and viable-tax exempt mutual provident savings system suitable to the needs of the employed and other earning groups. It is also mandated to motivate the public to better plan for and provide for their housing needs through membership in the HDMF, with mandatory contributory support from employers. Acosta said in February that Pag-IBIG is targeting over 7,000 housing units in at most two years. It earlier announced a P10-billion investment in Megawide through a subscription of perpetual preferred shares issued by Megawide Dreamrise Residences Inc. —VAL, GMA News