Iloilo City, Pag-IBIG ink MOU for USWAG low-rise housing project
MOU signing with Pag-ibig and Iloilo City Gov't
The Iloilo City Government made a significant stride in providing more homes for the Ilonggos after a Memorandum of Understanding (MOU) was signed May 21 for the 120-unit USWAG Low-Rise Residential Building project located in Barangay San Isidro, Jaro district.
Signatories of the MOU included Mayor Jerry P. Treñas on behalf of the City Government; Ms. Raisa Treñas-Chu, Executive Assistant V; Pag-IBIG Fund’s Business Development Sector Senior Vice President, Mr. Fermin Sta. Teresa Jr.; and Home Lending Operations Vice President, Engr. Noli Armada.
Also present was Ms. Sheila Luz Ching, Assistant Vice President of SM Development Corporation (SMDC), to represent a trustworthy partner from the private sector.
With its profound success, the housing initiative is being proposed as a benchmark project for similar future endeavors.
“We will highlight it as one of the best countryside housing initiative projects by a local government unit,” said Sta. Teresa Jr.
Each of the spacious 30-square-meter fully equipped units, which has an appraisal value of around P3 million, may be availed for only P450,000 by hardworking City Hall employees who have rendered at least five years in service with Salary Grade 8 and below.
“Iloilo City envisions to be a liveable home of empowered Ilonggos and inclusive and vibrant communities. This signifies more than just a formal agreement but a foundation for a more secure and prosperous life for our beneficiaries,” Treñas-Chu said.
The project is one of the few socialized vertical developments approved by the national government during the pandemic, and the only escrow account accessed at the time for building construction.
The rise of the two twin-tower residential buildings was also made possible through the efforts of Couples for Christ-Answering the Cry of the Poor and the Department of Human Settlements and Urban Development. (Iloilo City PIO)