DAVAO CITY, Philippines (PNA) – The Home Development Mutual Fund (HDMF), popularly known as Pag-IBIG Fund, has announced that it has allocated P50 billion for housing projects this year.

Pag-IBIG Fund chief executive officer lawyer Darlene Marie B. Berberabe told local chief executives of Regions XI and XII during the 4th Pabahay Caravan Thursday at The Marco Polo, Davao here, that part of the loan facility is a new project that they will embark on with the local government units (LGUs).

Berberabe said they want the resources to be brought to the LGUs for them to be able to provide affordable housing to their constituents. However, she stressed that the money of the Pag-IBIG Fund is private in nature considering that this consists of the members' contributions even as she said that it is not taken from the coffers of the government.

She said they are ready to partner with the LGUs and the Fund will provide also loan assistance to borrowers who are members of Pag-IBIG Fund and willing to pay the loans.