- September 14, 2016
- Posted by: Marvin Garcia
The Home Development Mutual Fund (HDMF), also known as the “PagIBIG” Fund, has been innovating to be of better service to the Filipino employers as well as their employees. One of its latest innovations is the first “needs matching” project in North Luzon in partnership with the Hanjin Heavy Industries and Construction Company to come up with the “Hanjin Employee Village”, a socialized housing project for Hanjin’s shipyard workers who are PagIBIG Fund members. The project allows the employee-beneficiaries to pay for the land, land development, and house construction at significantly lower costs. This is part of Hanjin’s commitment to have a community that will promote the welfare of the efficient shipyard employees and their families. For its part, PagIBIG Fund was more than happy to participate in this corporate social responsibility project which doubles as an employee-retention program of Hanjin by providing the housing and developmental finances for the project.
In line with this project, PagIBIG Fund expects to generate a total loan portfolio amounting to PhP1.27 Billion or USD28.51 Million for the 2,2775 house and lot units that will be built over a period of three years. As of January 20, 2015, PagIBIG Fund has taken out the housing loan applications of 731 of the 820 units delivered, or PhP354.312 Million worth of loan take-out. As of the same period, the reserved units number 997, constructed units 997, and occupied units 752.
The Hanjin Employee Village is a testimony of the responsiveness of PagIBIG Fund in meeting a very specific need of its partners, in this case, the employer Hanjin Philippines, in providing shelter finance. PagIBIG Fund’s ‘Needs Matching Program’ – the Hanjin Employee Village” was a recipient of Merit Award in the 2015 ADFIAP Outstanding Development Project under Infrastructure Development category.