MAKATI CITY -- The Home Development Mutual Fund or Pag-IBIG Fund on Monday, November 28, committed P250 billion to President Ferdinand "Bongbong" Marcos Jr.'s Pambansang Pabahay para sa Pilipino: Six Million Housing Program.

The Pag-IBIG Fund Board, headed by Department of Human Settlements and Urban Development (DHSUD) Secretary Jose Rizalino Acuzar, approved the allocation of P250 billion to the administration’s flagship housing program in the next six years.

"This is a huge boost to our President’s Pambansang Pabahay para sa Pilipino Program --a giant step towards realizing the dream of every Filipino family to have decent, safe and affordable shelters," Secretary Acuzar said.

"On behalf of those wishing to have their dream homes, my deepest gratitude to the members of the Pag-IBIG Fund Board of Trustees especially to CEO Marilene Acosta for your all-out support," he added.

With assured funding support from Pag-IBIG Fund, Secretary Acuzar is very optimistic of the success of the program which is designed to address the country’s housing backlog pegged at more than 6.5 million.

Under the program, the DHSUD is tasked by President Marcos Jr. to build 1 million houses annually in the next six years.

In a related development, Pag-IBIG Fund also signed a Memorandum of Agreement (MOA with Bacolod City Mayor Albee Benitez for the construction of 10,000 housing units for informal settler families (ISFs) also on Monday.

The deal marks a history as the first MOA signed under the "Pambansang Pabahay"-- signalling the initial fruition of the government’s plan to address the housing needs in the country.

Secretary Acuzar said that the agreement unlocks the potentials of the new housing program especially the financial structure and the active participation of government financial institutions (GFIs) and the private sector.

The MOA tasks DHSUD to facilitate the implementation of the housing project in collaboration with the local government unit and other relevant agencies by acting as the overall enabler, initiator and coordinator.

“The Department of Human Settlements and Urban Development is in the right direction in providing adequate and affordable housing to fellow Filipinos,” said Mayor Benitez during the MOA signing held at DHSUD Central Office in Quezon City.

Based on the agreement, Bacolod City will start complying requirements for a developmental loan from Pag-IBIG Fund to fund the land development and housing construction.

For its part, Pag-IBIG Fund Chief Executive Officer Marilene Acosta has committed to provide financial and technical assistance that DHSUD and the city government may need to make the said project happen.

“We fully welcome the direction of DHSUD in fast-tracking, coordinating, and bringing together all sectors concern towards the immediate implementation of housing project in the regions,” Acosta said.

As the first GFI to allot funds for the new housing project, Pag-IBIG Fund shall extend individual housing loans to target beneficiaries pre-qualified and selected by the LGU. (PAGIBIG)