The Pag-IBIG Fund has successfully financed housing loans for more than 100 employees of the Naga City government. This initiative is part of a collaboration aimed at providing affordable home options for city workers.
Affordable Housing Initiative in Naga
What we are seeing in Naga shows how this direction can be translated into actual homes when a local government identifies the needs of its workforce and government institutions align housing delivery and affordable financing around those needs.
Marilene Acosta, CEO of Pag-IBIG Fund
- Housing units priced at P350,000 each.
- Subsidized interest rate of 3% for the first five years.
The housing units, developed by BellaVita Naga in Brgy. Pacol, are part of a broader initiative under the Expanded Pambansang Pabahay para sa Pilipino (Expanded 4PH) Program. Naga City is set to complete the financing and turnover of all 576 housing units by October.
This project follows a memorandum of understanding signed in June between Pag-IBIG and the Naga City government. The agreement enables streamlined loan processing, particularly benefiting lower-salaried employees and first-time homebuyers.
Naga Mayor Leni Robredo has emphasized the importance of such housing initiatives, aiming to extend similar opportunities to teachers, uniformed personnel, and informal workers in the city. She noted that affordability has historically been a barrier for many city employees.
Robredo stated, 'Through our partnership with Pag-IBIG Fund and BellaVita, that aspiration is now becoming a reality.' This collaboration exemplifies the potential for local government initiatives to address housing challenges.