Pag-IBIG, SMDC expand home choices under Expanded 4PH

MAKATI CITY — Pag-IBIG Fund and SM Development Corp. signed a memorandum of understanding Sept. 8 to expand the range of SMDC homes qualified members can purchase through Pag-IBIG housing loans.

The agreement also covers preferential pricing on selected units, buyer education and planned homebuyer programs.

The partnership supports efforts by the Department of Human Settlements and Urban Development and Pag-IBIG Fund to strengthen private-sector participation in President Ferdinand Marcos Jr.’s Expanded Pambansang Pabahay para sa Pilipino Program, or Expanded 4PH.

These efforts aim to make projects from more of the country’s leading developers available through Pag-IBIG financing, giving members, particularly middle-income Filipino workers, greater access to quality, well-located homes that meet their families’ needs and budgets.

Expanded 4PH broadened the government’s housing program beyond its original focus on condominium-style developments to include subdivision-type projects, rental and incremental housing, and the Community Mortgage Program.

Human Settlements and Urban Development Secretary Jose Ramon P. Aliling, who also chairs the Pag-IBIG board of trustees, said SMDC’s participation shows how the agency’s expanded, affordable financing is giving members more housing choices.

“The direction of President Ferdinand R. Marcos Jr. is clear. We want more Filipino workers and their families to have a real opportunity to own a home in the city, particularly one closer to where they work. With Pag-IBIG Housing Loans now up to PHP 10 million for each qualified member, more Filipino workers can choose from SMDC properties and pay for their chosen home at affordable rates over time,” Aliling said.

“This is what Expanded 4PH is achieving by bringing stronger government support and growing private-sector participation together so that more Filipinos can have a home of their own.”

Under the agreement, SMDC will offer preferential pricing to qualified Pag-IBIG housing loan borrowers on selected units in participating Pag-IBIG-accredited projects.

The accredited projects include Coast Residences and ICE Tower in Pasay City, Spring Residences in Parañaque City, selected phases of Hill Residences in Quezon City, and SMDC Cheerful Homes 1 and 2 in Pampanga.

SMDC is working to expand the selection, with additional developments in Makati City, Mandaluyong City, Pasay City and other growth areas undergoing Pag-IBIG accreditation.

The projects under review span SMDC Heights, SMDC Nature and SMDC Symphony Homes, covering high-rise, mid-rise and house-and-lot developments.

SMDC, one of the country’s leading residential developers, says its communities are designed around how Filipinos live, reflecting its long-term goal of helping build a nation of homeowners.

“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,” said Jeffrey C. Lim, president of SM Prime and SM Development Corp.

“Government plays a critical role in making home financing more affordable, while developers like SMDC must provide homes and communities that deliver lasting value. With DHSUD, Pag-IBIG Fund and SMDC working together, Filipino homebuyers can get more of what they need: better financing, the right space, a good location, convenient access and a community where they can build their lives.”

Pag-IBIG Fund Chief Executive Officer Marilene C. Acosta said the partnership strengthens the agency’s efforts to make suitable homes more affordable for members.

“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 based on their family’s needs, preferred location and budget, then finance it affordably through Pag-IBIG. Our promotional rates of 4.5% on loans of up to PHP 4.9 million and 5.75% on loans above PHP 4.9 million and up to PHP 10 million make financing their chosen home even more affordable and are available to qualified borrowers until the end of the year,” Acosta said.

“This is part of our comprehensive approach to helping our members own a home. We do more than provide affordable financing. We also work closely with developers and other stakeholders so that more homes are built to meet the needs and budgets of Filipino workers.”

Aliling and SMDC Executive Vice President Grace Sta. Ana witnessed the signing by Acosta and Lim in Makati City.

Also present were Pag-IBIG Deputy Chief Executive Officers Alexander Hilario G. Aguilar and Benjamin R. Felix Jr., along with DHSUD Senior Undersecretary Eduardo P. Robles Jr.

SM Prime and SMDC officials who attended included Jessica T. Sy, vice president and head of design, innovation and strategy; Marking C. Que, senior vice president and head of customer support; and Carlo O. Alampay, vice president and head of regulatory compliance.

Also attending were Susan G. Nicdao, vice president and head of project development for SMDC Nature; Mena R. Ojeda Jr., a lawyer and vice president and head of legal affairs and risk management; and Sheila Ching, assistant vice president for project development and management.

SMDC is the latest leading developer to enter a housing partnership with Pag-IBIG.