The Home Development Mutual Fund (Pag-IBIG) said it was targeting the delivery of more than 7,000 housing units within about two years following the inauguration of a new precast manufacturing plant in Taytay, Rizal on Monday.
The facility, launched by Megawide Construction Corporation, was expected to accelerate the production of construction components intended for mass housing developments.
Pag-IBIG Fund chief executive officer Marilene Acosta said in a statement that the partnership with Megawide would help fast-track housing construction while safeguarding and growing the savings of its members.
She added that supporting projects that enhance construction speed and efficiency remained aligned with the agency’s mandate to finance sustainable housing initiatives and provide affordable homes for Filipino families.
The newly opened plant was set to supply materials for the Expanded Pambansang Pabahay para sa Pilipino Program, also known as Expanded 4PH, which is financed by the Pag-IBIG Fund.
Under its charter, the Pag-IBIG Fund is mandated to establish and promote a nationwide provident savings system tailored to the needs of workers and income earners.
The agency is also tasked with encouraging Filipinos to plan for their housing needs through membership and employer-backed contributions to the fund.
Earlier, Pag-IBIG announced a P10-billion investment in Megawide through the subscription of perpetual preferred shares issued by Megawide Dreamrise Residences Inc., intended to support the rollout of at least 7,000 housing units over the next two to three years, while the company previously signaled plans to spend up to P2 billion to expand its precast facilities.