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Explaining nEw ZEaland’s MonEtary policy

Bank data exclude housing loans provided by government agencies, mostly to low-income groups. The state-controlled Home Development Mutual Fund (Pag-IBIG Fund), one of the leading government financial institutions in the Philippines and the biggest financier of the government’s housing programs, granted a total of PHP 23.5 billion worth of housing loans in 2007, compared with PHP 16.09 billion in 2006. The Pag-IBIG Fund can provide financing for low-cost housing units at an interest rate of 6–7% for a term of up to 30 years. The average housing loan in 2007 was PHP 475,000