Manila, July 7 -- The Pag-IBIG Fund is offering lower promotional interest rates and increasing its maximum home loan ceiling to PHP10 million to help reduce monthly housing payments for Filipino workers amid higher commercial lending rates.

Department of Human Settlements and Urban Development Secretary Jose Ramon Aliling, who also chairs the Pag-IBIG Board of Trustees, said the subsidized and promotional rates support the government's Expanded Pambansang Pabahay para sa Pilipino Program (Expanded 4PH) by making homeownership more affordable.

"Pag-IBIG's promo rates are about making homeownership more affordable at a time when many Filipino families are carefully weighing the cost of buying a home," Aliling said in a news release Tues...