Pag-IBIG allots P6.3 billion for SUC rental housing

MANILA, Philippines — Pag-IBIG Fund has earmarked P6.3 billion to support the development of dormitories and rental housing facilities for its partnership with the Commission on Higher Education (CHED) to expand access to affordable rental housing in state universities and colleges (SUCs) nationwide.

In a statement, Pag-IBIG CEO Marilene Acosta said the partnership aims to boost access to rental housing for educators, students and non-teaching personnel in SUCs.

Acosta recently attended a consultative meeting for Project BALAY: Bridging Access to Learning at the CHED Auditorium in Quezon City. It gathered more than 30 SUCs, with participants providing inputs on site development, financing and implementation.

During the meeting, the state-run home lender introduced the Rental Housing Construction Loan program, which offers SUCs financing at a subsidized interest rate of three percent per annum for the first 10 years, payable for up to 30 years.

It allocated P6.3 billion to help with the construction of dormitories and rental housing facilities within or near campuses.

To date, 11 state universities and colleges have already engaged with Pag-IBIG, showing strong momentum for the program’s nationwide rollout.

Pag-IBIG said discussions tackled practical and sustainable housing solutions patterned to the needs of the academic community.