Laoag City - Approximately 2,400 individuals have signed up to avail of a low-cost housing project initiated by the city government and a property developer in Laoag City. The housing project is expected to break ground in Barangay 31 Talingan in December, with an initial phase consisting of 600 units.
According to a new release by the Philippines News Agency, Baltazar Acapuyan Adra, 55, a resident of Barangay Magnuang in Batac City, Ilocos Norte, expressed his enthusiasm for the national government's Pambansang Pabahay para sa Pilipino (4PH) program in Laoag. Adra, a former utility worker, promptly inquired about the program and completed the necessary documents on the same day. He emphasized that the monthly amortization of the housing unit, starting at PHP2,500, fits well within his budget.
Miguel Puig, the marketing officer of El Sands Residences, the property developer, explained that applicants would undergo an assessment to determine their eligibility for the program. He noted that even low-income earners can participate since the government, through the Pag-IBIG Fund, provides a 5 percent subsidy to eligible housing unit applicants, payable over 30 years.
The 4PH program, launched in September 2022, is a government housing initiative led by the Department of Human Settlements and Urban Development in collaboration with various government agencies. Its aim is to address the housing backlog for the poor, estimated at 6.5 million households.
Laoag City Mayor Michael M. Keon expressed his satisfaction with being among the first in the region to implement the 4PH program, emphasizing the importance of the initiative. The program is part of the efforts to provide affordable housing and alleviate housing problems in the Philippines.
The housing project, known as EL Sands Residences, will adopt a European-style design and consist of 4,600 units spread across 46 five-story buildings, with each floor accommodating 20 units.