Pag-IBIG to venture into housing dev't

The Home Development Mutual Fund, commonly known as Pag-IBIG, will soon go beyond financing as it enters into production of homes via partnerships amid a downtrend in the supply of socialized housing.

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On the sidelines of the Kapihan with Pag-IBIG yesterday, Pag-IBIG deputy CEO Benjamin Felix said the agency, for the first time, will venture into production to augment the lack of socialized housing.

Doing so would allow Pag-IBIG to hit its target of P156.86 billion in home loans this year, equivalent to 111,648 housing units.

As of end-May, Pag-IBIG has released P49.48 billion, just a little over 30 percent of the full-year goal.

"Almost one-third of our loan take-out is socialized, but right now, no one is producing. That is why we are trying to partner with developer contractors to produce socialized housing to augment supply," Felix told The STAR.