SMDC Joins Pag-IBIG's Expanded Housing Program to Boost Homeownership

MANILA, Philippines — State-run Pag-IBIG Fund has tapped SM Development Corp. (SMDC) to expand home choices for members through the Expanded Pambansang Pabahay para sa Pilipino (4PH) Program. On Tuesday, Pag-IBIG said in a statement it signed a memorandum of understanding with SMDC covering preferential pricing on selected units, buyer education, and planned homebuyer programs. Additionally, participating developments 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. For its part, SMDC is also gearing up to add more developments in Makati City, Mandaluyong City, and Pasay City, including SMDC Heights, SMDC Nature, and SMDC Symphony Homes. These projects span high-rise, mid-rise, and house-and-lot developments. Meanwhile, SMDC is the third developer to partner with Pag-IBIG under the housing program, following its partnerships with Ayala-led Avida Land Corp. and Amaia Land Corp. in August. “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,” Housing Secretary Jose Ramon Aliling said. “With Pag-IBIG Housing Loans now up to P10 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. In late May, Pag-IBIG likewise raised its maximum housing loan limit to P10 million from P6 million. Borrowers can repay their loans over 30 years, with interest rates set by lenders between 5.75 percent and 9.75 percent, depending on the fixing period. For borrowers under the Expanded 4PH Program, the subsidized 3 percent annual interest rate will remain in place. /pai