The local government of Iloilo City has entered into a joint venture with EON Realty and Development Corporation (ERDC) for the construction and development of condominium housing projects under the Pambansang Pabahay Para sa Pilipino (4PH) Program.
The agreement was signed on Tuesday by Iloilo City Mayor Jerry Treñas and ERDC President Franjieh Eon Angelo Tiu at the Mayor’s Office. Witnesses to the signing included Iloilo City Local Housing Office Head Peter Jason Millare and Department of Human Settlements and Urban Development (DHSUD) Western Visayas Regional Director Eva Maria Marfil.
The PHP 2.54-billion Iloilo City USWAG Condominium Complex Project will be built on a nearly two-hectare lot owned by the city government in Barangay San Isidro, Jaro district. The development will consist of 13 ten-story buildings, totaling 1,677 units, with each building housing 129 residential units.
According to the agreement, the total cost of constructing the condominium units will be shouldered by the developer. The expenses will be recovered through take-out payments facilitated by the Pag-IBIG Fund, as approved by the DHSUD and the Iloilo City government.
Millare emphasized that the project is intended for low-income families, informal settlers, and first-time home buyers. As of now, they have gathered 247 applicants with loyalty cards, 1,500 Pag-IBIG members, and 500 non-Pag-IBIG members. Interested buyers can choose between a 24-square-meter unit priced at PHP 1.53 million or a 27-square-meter unit for PHP 1.7 million.
The initiative aims to address Iloilo City’s housing backlog, which currently stands at 20,038 informal settler households based on their latest survey. Marfil encouraged other local government units, particularly in urban areas, to apply for the 4PH program. She highlighted that 4PH is the only government housing program that provides subsidies, allowing buyers to pay an annual interest rate of just 1.25 percent.
Mayor Treñas reaffirmed the city’s commitment to providing more housing opportunities, noting that the local government still has available lots for future projects. He urged interested residents to apply through the city’s housing department.