ILOILO City – Tricycle drivers, domestic helpers, security guards and other low-income workers in Western Visayas may now qualify for government-subsidized housing loans with interest rates as low as three percent annually, potentially bringing monthly payments down to just P2,530 under the expanded Pambansang Pabahay para sa Pilipino (4PH) Program.
The Home Development Mutual Fund (HDMF), popularly known as the Pag-IBIG Fund, is encouraging eligible workers, particularly young income earners and first-time homebuyers, to take advantage of the subsidized financing while their incomes remain within the program’s qualification limits.
Dr. Kenneth P. Macoy, Pag-IBIG Fund’s Business Development Department – Visayas Section chief for Countryside Housing Initiative and Acquired Assets Officer IV, said the program extends homeownership opportunities to workers traditionally constrained by high property prices and borrowing costs.
“Damo ga-avail nga OFWs (overseas Filipino workers). Pero gina-encourage man naton tricycle drivers, aton yayas o helpers, sales ladies and security guards. Pwede gid sila maka-avail sang promo offer nga three percent,” Macoy stressed.
Under the expanded 4PH Program, first-time homebuyers outside Metro Manila with a gross monthly income not exceeding P34,686 may qualify for the subsidized interest rate. The income ceiling for Metro Manila applicants is P47,856.
OFWs may also qualify regardless of income.
Pag-IBIG’s sample computations show that a P600,000 housing loan requires a minimum gross monthly income of P7,229, with monthly amortization of P2,530 under the subsidized rate — a monthly savings of P1,299.30.
For a P750,000 loan, the monthly amortization is P3,162, requiring a gross monthly income of P9,034.
A P850,000 loan carries a monthly payment of P3,584, while a P950,000 loan requires P4,005 monthly.
The agency said spouses and family members living in the same household may combine their incomes to meet loan requirements, expanding access to socialized housing and condominium units.
However, the three-percent interest rate under Pag-IBIG’s Early Bird Promo is available only to the first 30,000 qualified borrowers nationwide and applies during the first five years of their housing loans.
Gina P. Lanceta, Pag-IBIG Fund Iloilo-Mandurriao branch head, said the nationwide allocation had not yet been exhausted as of October 19.
“Upon filing, i-inform man kamo sina if pasok kamo sa 30,000. Kay ang 30,000 nationwide ina siya nga figure. Sa subong, as of (October 19), wala pa na-maximize ang 30, 000,” Lanceta said.
Pag-IBIG has not announced a deadline for the promotional offer but urged interested members to inquire at their nearest branches.
Macoy warned that delaying a housing investment could mean losing eligibility for the subsidized rate as workers advance in their careers and earn higher salaries.
He also encouraged young professionals to prioritize property investments over frequently replaced consumer gadgets.
“Sa aton nga pamatan-on, paminsaron gid naton ang future. Kay ang real-estate wala ini gabarato, nagamahal lang ini nga nagamahal. Kon mag-invest kita sa gadgets…after pila ka years gailis ka naman. Just a practical advice,” she noted.
Lanceta likewise advised young workers to consider acquiring property even before starting families.
“Kanami gid nga mag-invest ka nga bata ka pa. I remember ang iban nga housing, sa age bracket, usually naga-start sa mga young couples. If single pa ikaw, start ka anay sa lot loan,” Lanceta added.
Meanwhile, Pag-IBIG Fund reported releasing P4.884 billion in housing loans to 3,679 members across its Western Visayas service area, covering Panay Island and Negros Occidental, from January to August.
During the same period, the agency disbursed P3.061 billion in short-term loans to 131,045 members.
Active membership in the area reached 557,216./PN
