Pag-ibig Additional Housing Loan

I have an existing loan of 700K to Pag-ibig for the lot I purchased 6 years ago and would like to make another loan for the construction of our house.
I tried to search online and found this statement on the pag-ibig website:

• An eligible member shall be allowed to borrow an additional loan; provided, the resulting monthly repayment of the consolidated loan, namely, the original loan availment and the additional loan, shall not exceed thirty-five per cent (35%) of the borrower’s gross monthly income for consolidated loan not exceeding P1,250,000 and thirty percent (30%) of the borrower’s gross monthly income for consolidated loans exceeding P1,250,000.

Does this mean that I will only be approved for 550k since the limit is only 1.25m?