Insider Spotlight
Planned homebuyer programs
SM Development Corp. (SMDC) and Pag-IBIG Fund signed a memorandum of understanding on Sept. 8 covering homebuyer education, seller preparation, initial buyer guidance and planned homebuyer programs.
The agreement follows Pag-IBIG Fund’s increase of its maximum housing loan amount to P10 million per qualified borrower.
.The collaboration supports broader efforts by the Department of Human Settlements and Urban Development (DHSUD) and Pag-IBIG Fund to strengthen private-sector participation in housing.
DHSUD Secretary Jose Ramon P. Aliling, who also chairs the Pag-IBIG Board of Trustees, said the partnership supports the administration’s efforts to expand affordable homeownership.
“The direction of President Ferdinand R. Marcos Jr. under Expanded 4PH is clear. The government and the private sector must work together so that more Filipino families can own homes that suit their needs and budgets,” he said in a press statement.
‘Practical way to own a home’
Selected Pag-IBIG-accredited SMDC developments include Coast Residences in Pasay, Spring Residences in Parañaque, Hill Residences in Quezon City and SMDC Cheerful Homes 1 and 2 in Pampanga. Projects in Makati, Mandaluyong and Pasay are also undergoing accreditation.
“My father has always believed in building a nation of homeowners,” SMDC vice president and head of design, innovation and strategy Jessica Sy said.
“That vision is personal to our family because a home gives people stability, a place to belong and something lasting to pass on. Through our partnership with Pag-IBIG Fund, we can help more Filipino families explore a practical way to own a home and understand how to begin,” she added.
SM Prime and SM Development Corp. Jeffrey C. Lim said that government-backed affordable financing, coupled with quality developers such as SMDC, should continue to create opportunities to deliver lasting value to Filipino homebuyers.
“Homeownership is too important for any one institution to address alone. Making it more attainable requires strong partners with a shared commitment to Filipino families,” Lim added.
Subsidized rate
The collaboration supports government efforts to increase private-sector participation in housing. Pag-IBIG offers repayment terms of up to 30 years, while qualified socialized-housing borrowers may access a subsidized 3 percent rate.
Promotional rates include 4.5 percent for loans up to P4.9 million and 5.75 percent for loans above P4.9 million up to P10 million, available until Dec. 31, 2026.
Pag-IBIG Fund chief executive officer Marilene C. Acosta said the partnership gives qualified members a more practical path to finding and financing a home.
“Affordable financing truly serves its purpose when our members also have suitable homes to choose from. Through our partnership with SMDC, more Filipino workers can choose a home that fits their family’s needs and budget, then pay for it on affordable terms through Pag-IBIG,” Acosta said.
Housing caravans for OFWs
SMDC is training sellers and operating a help desk for basic requirements, participating projects and indicative computations. Pag-IBIG Fund retains sole authority over borrower eligibility, appraisal, loan amounts and approvals. Housing caravans and roadshows are also planned in selected Philippine and overseas locations to reach overseas Filipino workers (OFWs). —Vanessa Hidalgo | Ed: Corrie S. Narisma
