Latest news with #SHFC
GMA Network
21-07-2025
- Business
- GMA Network
First batch of Community Mortgage Program sites to be awarded by October
State-run Social Housing Finance Corporation (SHFC) is looking to award the first batch of Community Mortgage Program (CMP) sites by October this year, as the government has revived the program that allows beneficiaries to borrow up to P750,000 for housing assistance. According to the SHFC, eight initial CMP sites have been identified, and are targeted to be awarded by October this year: in Ilocos Norte; Ilocos Sur; Iloilo City; Pasig City; Roxas City; Tanay, Rizal; and Valenzuela. A total of 34 sites have been identified for the national scope of the CMP. 'These projects represent not just houses but hope, dignity, and stability for thousands of Filipino families. This move reflects our strong commitment to address the housing needs of the underserved through direct community empowerment,' SHFC president and chief executive officer Federico Laxa said in a statement. Based on the CMP overview on the SHFC website, the CMP is a people-led housing finance and community development program, which seeks to assist legally organized associations of low-income groups to acquire and develop a tract of land under the concept of community ownership. Under the program, member-beneficiaries can borrow P400,000 for onsite; P480,000 for horizontal housing; up to P750,000 for vertical housing; and P350,000 for farm lot, and P50,000 for farmer support assistance. CMP loans bear 6% interest per year, based on the outstanding balance and payable over a maximum period of 25 years in equal monthly amortizations. According to the SHFC, the revival of the CMP comes with 'key enhancements' to eliminate bottlenecks and accelerate project implementation, such as the provision of an additional credit component dedicated to site upgrading on top of the initial loan for lot acquisition. 'This aims to ensure that CMP communities are no longer considered informal or blighted settlements,' the SHFC said. 'We will be more transformative with our CMP projects to ensure the continuous improvement of the communities we serve,' Laxa said. Laxa said the SHFC will also collaborate with other agencies to ensure that beneficiaries can access a broader range of services, such as the planned partnership with the Technical Education and Skills Development Authority (TESDA) to provide skills training and capacity-building programs to boost long-term income prospects. A dedicated task force has also been established to fast-track the evaluation and approval of CMP projects. — Jon Viktor D. Cabuenas/BM, GMA Integrated News
Filipino Times
02-05-2025
- Business
- Filipino Times
Pag-IBIG Fund, NHA, SHFC partner to build nearly 8,000 homes under 4PH program
The Pag-IBIG Fund, National Housing Authority (NHA) and the Social Housing Finance Corporation (SHFC) signed an agreement on Labor Day to construct almost 8,000 housing units in major cities as part of the government's flagship Pambansang Pabahay para sa Pilipino or 4PH Program. Under the agreements, Pag-IBIG Fund will provide project financing to support the construction of housing developments by NHA and SHFC in strategic locations in Valenzuela City, San Fernando, Pampanga, Davao City and Manila. 'We are happy to report that the Pag-IBIG Fund, NHA and SHFC continue to forge strong partnerships in support of the 4PH Program's goal of providing quality yet affordable homes, especially to underserved families,' said Secretary Jose Rizalino L. Acuzar, who chairs the 11-member Pag-IBIG Fund Board of Trustees and heads the Department of Human Settlements and Urban Development (DHSUD). 'In line with President Ferdinand Marcos Jr.'s directive to close the country's housing gap, the DHSUD's key shelter agencies remain united in our mission to ensure that every Filipino family has access to decent and affordable housing.' The new housing projects include a medium-rise condominium with 372 units in Valenzuela City through NHA, as well as mid- and high-rise developments through SHFC: 3,440 units in San Fernando, Pampanga; 1,200 units in Calinan District, Davao City; 2,135 units in Tondo, Manila; and 425 units in Sta. Mesa, Manila. All these projects will be financed through Pag-IBIG Fund's Direct Developmental Loan Program, a facility specially designed by the agency to support the implementation of the 4PH Program. Pag-IBIG Fund Chief Executive Officer Marilene C. Acosta said the agency is fully aligned with the administration's housing vision and emphasized Pag-IBIG Fund's role in both institutional and individual housing financing. 'This initiative is part of our unwavering commitment to uplift the lives of Filipino workers by providing them with access to safe, decent, and affordable homes,' Acosta said. 'Through our continued collaboration with NHA and SHFC, we are helping build inclusive communities and contribute to the broader goal of national development.' Through its partnership with shelter agencies, Pag-IBIG Fund will not only finance the construction of these projects but also offer end-user housing loans under affordable terms for eligible beneficiaries in line with 4PH guidelines.
