ILOILO: The Home Mutual Development Fund or (Pag-IBIG) is considering this city’s Uswag low-rise residential building project as a model for countryside housing project.
‘We will include this in our material as one of the best countryside housing initiative projects done by a local government unit,’ Pag-IBIG Fund senior vice president of Business Development Sector Fermin Sta. Teresa Jr. said during the signing of the memorandum of understanding (MOU) for the low-cost housing project held at the city hall on Tuesday.
Signatories to the MOU included Pag-IBIG vice president-Home Lending Operations Noli Armada, Iloilo City Mayor Jerry P. Treñas, and executive assistant Raisa Treñas-Chu.
Sta. Teresa noted that each 30-square meter unit of the city project is already worth PHP3 million to PHP4 million in Manila, while the cost is only PHP450,000 per unit at Uswag, making it viable for low-salary workers in the countryside.
The Uswag low-rise residential building project consists of two twin-tower buildings wit
h a total of 120 units.
They will be awarded towards the end of the third quarter of this year to city hall employees who have rendered at least five years in service and earning no more than Salary Grade 8 or a minimum PHP19,700.
The buildings have ready water and electricity connections, sewerage treatment plant, cistern tanks, water pumps, water tanks, material recovery facility, fire hydrants, and parking spaces.
Treñas said the project is in support of the housing program of the Marcos administration, ensuring that those who do not have homes can have houses within the city proper area.
Under the MOU, Pag-IBIG will finance the PHP50 million cost representing the acquisition cost from the beneficiaries.
Sta. Teresa said Pag-IBIG is ready to finance more projects in the region since Visayas has a bigger allocation for housing projects.
‘We are ready to finance as long as they are Pag-IBIG members,’ he said.
Source: Philippines News Agency
