Overseas Filipino Workers (OFWs) may now qualify for socialized housing units under the expanded Pambansang Pabahay para sa Pilipino (4PH) Program, regardless of their monthly income, the Department of Human Settlements and Urban Development (DHSUD) said Monday.
DHSUD Secretary Jose Ramon Aliling, in a statement, said the move is part of the recently released Pag-IBIG Fund Circular No. 473, which outlines new guidelines under the Expanded 4PH and recognizes vital contributions of OFWs, hailed as the country’s modern-day heroes.
“Alinsunod po ito sa utos ni Pangulong Ferdinand R. Marcos Jr. na palawakin ang 4PH para makinabang ang mas nakararaming Pilipino, kasama na ang ating mga bayaning OFWs (This is in line with President Marcos Jr.’s directive to broaden the reach of the 4PH program to benefit more Filipinos, especially our OFWs),” he said.
Under the new guidelines, OFWs may apply under the housing program but they must still meet certain criteria — they must be active Pag-IBIG Fund members, first-time homebuyers, under 65 years old at the time of application, and insurable until loan maturity, which must not exceed age 70.
As of 2023, approximately 2.16 million OFWs are working across the globe.
The 4PH program also offers affordable financing options. All socialized housing units under the expanded program — both vertical and horizontal — will be subject to a subsidized percent interest rate for up to 10 years.
A horizontal unit priced at PHP 850,000, for example, will require a monthly amortization of only PHP 3,583 under the new rate, compared to PHP 5,233 at a market rate.
Similarly, a vertical unit priced at PHP 1.5 million will only cost around PHP 6,324 per month instead of PHP9,235.
Further reductions in monthly payments may be possible for beneficiaries eligible for additional government subsidies. (PNA)