Is 500k starting fund can build a 80 sqm house? (With Pag ibig house construction loan)

Lot is fully paid. I just want to ask if 500k is enough to start building a two storey 80sqm house? Im planning to apply for Pag ibig house construction loan but they said I need the initial amount to start the construction and later on they will issue checks depending on the progress of construction. So, is 500k enough to initially build a house then wait for Pag Ibig's check?