Make housing loan more accessible to members, PBBM tells Pag-IBIG Fund

MANILA – President Ferdinand R. Marcos Jr. on Tuesday called on the Pag-IBIG Fund to make its housing loan "more accessible" to its members.

Marcos made the call during the Pag-IBIG Fund Chairman's Report for 2023, as he lauded the agency for its accomplishments, including the release of a record-high of P126.04 billion in housing loans.

"To the men and women of Pag-IBIG, whose stewardship of its members' funds skillfully combines growth with sustainability, please accept our heartfelt thanks for a job well done and our most fervent congratulations. Keep up the good work," he said in a speech delivered at the Philippine International Convention Center (PICC) in Pasay City.

"If I am to sum up your report, the splendid things that Pag-IBIG has done during what is, unquestionably, a banner year, then, without a doubt, it is clear that 'it is a labor of love,'" Marcos added.

Marcos, however, acknowledged that Pag-IBIG Fund is "far from declaring mission accomplished" given the "huge" housing backlog in the country.

Citing the millions of Filipinos who have been "denied the right to decent shelter," Marcos said the government's task is to "build the most number of housing units."

"And so with the same spirit, I urge the Pag-IBIG Fund to make its home mortgage financing even more accessible and to balance this with sustainability. This is to inspire Filipinos today, and the generations to come, to work hard to reach their goal of a house that they can call their own," he said.

Marcos said his administration is focused on implementing the Pambansang Pabahay Para sa Pilipino Housing Program to address the need for decent housing.

The Department of Human Settlements and Urban Development leads the implementation of the national housing project that aims to address the 6.5-million housing backlog in the country.

The Marcos administration is aiming to build 1 million houses per year until the end of the President's term in 2028. (PNA)