Private developers will soon be able to offer unsold condominium units under a new modality of the government’s Expanded Pambansang Pabahay para sa Pilipino (4PH) Program, the Department of Human Settlements and Urban Development (DHSUD) said Thursday.
DHSUD Secretary Jose Ramon Aliling said the initiative, to be implemented through the Pag-IBIG Fund, seeks to address the condominium oversupply, particularly in Metro Manila, while giving homebuyers access to more affordable housing options.
The scheme will cover condominium units in prime locations priced at Php 3 million and below. Qualified buyers may purchase the units through low-interest Pag-IBIG housing loans.
The program will also provide private developers another way to comply with balanced housing development requirements.
Aliling said the arrangement is expected to help developers reduce unsold inventory while expanding the housing choices available to buyers.
“With this new modality through Pag-IBIG Fund, we will enable private developers to sell more units, thus addressing inventory issues, while offering wider options for our homebuyers and access to best-located housing units at a lower price with low interest rates,” Aliling said.
The proposal was presented during a recent Private Sector Advisory Council Infrastructure Sector Group-Real Estate meeting chaired by President Ferdinand Marcos Jr.
According to DHSUD, private developers expressed willingness to lower selling prices to qualify units for the program.
DHSUD and Pag-IBIG Fund are expected to issue the formal implementing guidelines for the new 4PH modality.
