The amount will be invested specifically in Megawide Dreamrise Residences Inc., a wholly owned subsidiary created to develop 4PH housing projects.
Pag-IBIG’s participation will come through a subscription to perpetual preferred shares, payable in three tranches, and is tied directly to these housing developments.
Why Pag-IBIG backed this project?
“The partnership with Pag-IBIG is strategic in the sense that it addresses the imbalance between demand and supply in the housing sector. We believe that we are uniquely positioned and technically proficient to deliver high-quality and cost-efficient housing products that meet the requirements of the 4PH program, with speed and consistency,” Saavedra said in a statement.
Pag-IBIG, the country’s largest home financing institution, said the investment allows it to support housing delivery while safeguarding members’ savings.
What the money will build, and how fast
The P10 billion investment is expected to fund at least 7,000 affordable housing units to be delivered over the next two to three years.
“This partnership allows us to deliver affordable homes faster and make them more accessible to our members,” said Pag-IBIG Fund Chief Executive Officer Marilene C. Acosta.
“At the same time, it helps us prudently grow and protect our members’ savings through a board-approved investment that further strengthens our already secure and profitable portfolio.”
A bigger mass housing push ahead
While the Pag-IBIG investment covers only one housing platform, Megawide said it plans to scale much further under the 4PH program.
The company aims to deliver up to 100,000 housing units long term, with the first 50,000 units already identified in its five-year pipeline, including multiple sites in Cavite.
—Edited by Miguel R. Camus
