Pag-IBIG Fund pushing for more green projects

CEBU, Philippines - Real estate developers utilizing green technology otherwise known as ‘Green Developers’ will have easier access to incentives and loan facilities offered by the Home Mutual Development Fund (HMDF or Pag-IBIG Fund).

Pag-IBIG Fund officer-in-charge and chief executive officer Acmed Rizaldy P. Moti said the agency is now pushing for more green developments, not just for projects utilizing solar energy, but also those adopting other alternative sources of energy.

Pag-IBIG Fund has an existing loan facility which provides up to P500,000 for member borrowers installing solar panels at home.

The panels can produce at least 1,000 kilowatts of electricity a month.

Recently, the global online property guide and service provider Lamudi Philippines has made an appeal to President Rodrigo Duterte to offer incentives for green building developers in the Philippines.

"Green building is steadily gaining momentum in the real estate industry, but not all have adjusted their developments and construction practices to accommodate sustainable elements. By incentivizing the creation of more sustainable residential, commercial, and retail structures, not only are developers able to do their part in lessening their carbon footprint, they’re also helping buyers and renters do the same thing," indicated the company's list of recommendations to the Duterte government as its way of helping promote responsible property development sector in the country.

According to Lamudi, green designs allow the entry of natural light and improve air circulation, which help residents and tenants economize and save money in the long run.

A green building, also known as green construction or sustainable building, refers to both a structure and the using of processes that are environmentally responsible and resource-efficient throughout building's life cycle — from design, construction, operation, maintenance, renovation, and demolition.

Moti said the Duterte-led government is serious in pushing and promoting environment friendly developments. Pag-IBIG's programs that encourage these kind of projects will play a crucial role in achieving this thrust.

"We are studying extending additional benefits to partner developers," said Moti, specifically those projects that are environment-sensitive.

At present, Pag-IBIG has 400 to 500 active developer partners. Moti said the agency is looking at doubling the number of partners in the short term, specifically that the market is consistently on the high track.

Likewise, more programs that are geared towards attracting developers to borrow with the agency will be introduced soon.

At present, Pag-IBIG is offering a maximum loanable amount of P250 million for subdivision project, and P500 million for condominium developments. (FREEMAN)