Tuguegarao City (August 16) -- The Home Development Mutual Fund or Pag-IBIG launched its new program dubbed "Good Payors Incentive Program," which aims to reward early-paying members with a two percent (2%) discount on existing housing loans.

All early payors of housing loans before November 23, 2006 are the priority of the program.

According to Gerardo Soriano of the Marketing and Enforcement Section of Pag-IBIG Tuguegarao the program was initiated by Vice President and Chairman of the Housing and Urban Development Coordinating Council (HUDCC) and the Pag-IBIG Board of Trustees, Noli de Castro aimed to benefit members who were unable to avail of the Pag-IBIG reduced interest rates for housing under the "Abot Kamay Pabahay" program.

Under the Good Payors Incentive Program P300,000 housing loan, the interest rate is reduced from nine to six percent per annum, while the rate for P500,000 loan decreased from 10 percent to seven percent.

The program will only run for a year and this will be evaluated at the end of its term. However, if it draws positive results, the program may continue, Soriano said.

Soriano likewise assured that even members who failed to pay their loans on time can still avail of the new incentive package provided they update their payments.

The "Abot Kamay Pabahay" and "Good Payors Incentive Program" of Pag-IBIG are among the offerings of the government to provide Filipinos with affordable but decent homes.