More than 100 housing loan accounts have been availed of by qualified Naga City government employees under a housing partnership with the Home Development Mutual Fund, commonly known as the Pag-IBIG Fund.
In a statement, Pag-IBIG said this was the first group of city employees to become homeowners under the Naga City Employees’ Housing Project that initially covers 576 housing units at BellaVita Naga in Barangay Pacol, each priced at P350,000.
Qualified employees may purchase them through Pag-IBIG Housing Loans at a subsidized interest rate of three percent per annum for the first five years under the Expanded Pambansang Pabahay para sa Pilipino program.
‘We especially appreciate how quickly this partnership has delivered results. Just two months after signing our agreement, more than 100 housing loan accounts have already been taken out, and we are very happy to see our employees and their families becoming homeowners,’ Naga City Mayor Leni Robredo said.
Robredo said she hopes to complete the takeout of all 576 housing units by October and eventually extend the same opportunity to educators, uniformed personnel and other workers in Naga, including those members in the informal sector.
The partnership aims to help public servants, particularly those in lower salary grades and first-time homebuyers, have access to affordable housing and financing.
It was established through a memorandum of understanding between the fund and the City Government of Naga, signed in mid-June to help city employees acquire homes at low cost.
Both parties and BellaVita, Ayala Land Inc.’s socialized housing arm, put in place a government-to-government documentation arrangement to make loan processing easier and facilitate the takeout and turnover of homes to qualified employee-beneficiaries.
‘We continue to heed President Marcos’ direction to widen access to affordable homeownership for working Filipinos, including government employees who devote their careers to public service,’ Pag-IBIG Fund CEO Marilene Acosta said.
‘The initiative comes as Pag-IBIG Fund further strengthens its collaboration with Ayala Land, most recently through a memorandum of understanding with its residential brands Avida and Amaia to expand quality housing choices and Pag-IBIG financing options for Filipino workers,’ she added.