THE Home Development Mutual Fund, commonly known as the Pag-IBIG Fund, is set to embark on a major transition with the launch of Phase 1 of the digitalization of its takeout process on December 7 to address the perennial housing backlog problem in the country.
This will be the first housing fund to digitalize its takeout for affordable housing in Asia and aligns with the vision to set new industry standards and revolutionize the Philippine real estate industry.
Such initiative started in December 2021, marked by 20 Technical Working Group (TWG) meetings that paved the way for discussions with Department of Information and Communications Technology Undersecretary David Almirol, along with collaborations with MagPie.
The group is targeting to deliver the initial phase of takeouts within seven days, with a vision to extend this expedited process to both Window 1 and Window 2 takeouts in collaboration with Pag-IBIG and other relevant agencies. Spearheading this program is Proptech Consortium of the Philippines. The Subdivision and Housing Developers Association (SHDA) is tapped as a partner in the collaborative effort.
“Our involvement in the digitalization of Pag-IBIG Fund’s take-out process is a testament to our commitment to innovation and progress in the real estate sector. We would also like to give our thanks to the Proptech Consortium of the Philippines, by pioneering this initiative alongside esteemed industry partners, we are shaping the future of housing in the Philippines, ushering in a new era of efficiency and accessibility for all,” SHDA Chairman Arlene Keh said.
“We extend our sincere appreciation to SHDA and Chairman Arlene Keh for their unwavering commitment to advancing the digitalization agenda in the real estate industry. Their leadership has been crucial in making this historic launch a reality,” noted a spokesperson for the Proptech Consortium.
The teamup of SHDA and other industry leaders, including the Pag-IBIG Fund, has opened a transformative shift in the housing sector.
The Proptech Consortium recognizes the significant contributions of National Real Estate Association Chairperson Imelda Magtoto, SHDA President Bido Dayao, Organization of Socialized and Economic Housing Developers of the Philippines Executive Director Gerwin A. Panghulan, PropTech Founding Director Jopin Romero, and PropTech Managing Director Aj Rocero—all of whom have played key roles in the initiative.