The Home Development Mutual Fund (Pag-IBIG Fund), the government's housing finance agency for Filipino workers, has entered into a partnership with property developer Rockwell Land Corp. to bring more residential projects within reach of the government's housing loan programs.

Under the agreement, two developments in Santo Tomas, Batangas — Stonewell Acacia Homes and Stonewell Mahogany Homes — have already been accredited by Pag-IBIG Fund. Two more projects in nearby Lipa, Batangas are in the accreditation pipeline: Stonewell Molave, which offers house-and-lot units starting at P950,000, and Terreno South, where residential lots are priced from P4 million to P7 million, the fund said in a statement on Tuesday. Accreditation is the step that determines whether a project's units can ultimately be financed through the fund's housing loans, making it the milestone to watch for the remaining projects in the pipeline.

Pag-IBIG Fund Chief Executive Officer Marilene C. Acosta said Rockwell Land would identify residential projects and housing units that could be offered to qualified members, subject to the fund's financing requirements.

As part of the deal, Rockwell Land will extend preferential pricing and other incentives to eligible Pag-IBIG Fund members, while the fund will provide housing financing, loan counseling, and related assistance. The two parties will also coordinate on information campaigns and activities designed to make members aware of the housing options available to them — a combination that puts financing, guidance, and developer incentives in a single channel for buyers.

The partnership forms part of Pag-IBIG Fund's efforts to broaden the range of properties accessible to borrowers under its housing financing programs, including the Expanded Pambansang Pabahay Para sa Pilipino (4PH) Program, the government's national housing initiative.

Accreditation is also being sought for Stonewell Anahaw Homes in San Antonio, Quezon, where completed house-and-lot units are priced starting at P2 million. Other Rockwell Land developments under consideration include The Grove in Pasig City, The Arton in Quezon City, Fordham and Larsen Towers in Sucat, Muntinlupa City, and BenCap in Angeles City, Pampanga.

Pag-IBIG Fund Deputy Chief Executive Officer Alexander Hilario G. Aguilar said the agency is seeking to grow its developer partnerships to serve borrowers across different income segments. "This is Pag-IBIG's attempt to address all sectors and segments. We have partnered with Rockwell, Ayala, SMDC, and Filinvest to tap the middle, upper middle income, and higher income segments," Mr. Aguilar told reporters on the sidelines of the signing ceremony on Tuesday.

He added that Pag-IBIG Fund is also pursuing partnerships with other property developers, including DMCI and Federal Land, with additional announcements expected within the week — a signal of how quickly the fund's roster of partner developers, and the loan-eligible inventory attached to it, could continue to expand.

Rockwell Land President and Chief Operating Officer Valerie L. Soliven said the company will take part in the National Housing Expo as part of the partnership.

— Aaron Michael C. Sy

Source: BusinessWorld Online