Media Release
Short link: https://wp.me/paaccn-nBG
MANILA – Department of Human Settlements and Urban Development (DHSUD) Secretary Jose Acuzar has announced the government plans to provide Php216-billion worth of interest subsidies for Filipinos who will be settlers of its six million housing project units in the next six years.
He made the revelation at the Subdivision and Housing Developers Association’s (SHDA) 30th National Developers Convention on October 5, 2022, at the Grand Hyatt Manila in Bonifacio Taguig City, Taguig City, Metro Manila.
In his keynote speech and presentation, Housing Secretary Acuzar introduced the “Pambansang Pabahay Para sa Pilipino Program,” a directive from President Ferdinand R. Marcos, Jr. that aims to construct one million housing units per year in select areas in the country to address the 6.5 million housing backlog and the two major bottlenecks of affordability and access to funds for housing.
Acuzar emphasized that in order to fulfill the project, the government needs the help of key players in the private and public sectors.
“To build 1 million houses, we need Php1 trillion because we need Php1 million per housing unit. But the government cannot afford that Php1 trillion. To finance this, we need private money from banks as they are the ones who have that kind of money,” Acuzar said.
Acuzar stressed that, in order for the government to plan its budget, the department asked for an interest subsidy of Php36 billion a year instead of Php1 trillion for the construction of one million houses.
Through the housing program, banks and Government Financial Institutions (GFIs) such as the Home Development Mutual Fund (PagIbig Fund) are mandated to provide flexible financing options to low-income beneficiaries, informal settler families, and minimum wage earners alongside a preferential interest rate of only one percent on their housing loans.
The open housing program also aims to incentivize banks to lend to the marginalized sector and stakeholders participating in the mass housing program.
Organized annually by the Subdivision and Housing Developers Association (SHDA) in partnership with the DHSUD, the event gathered more than 300 housing sector stakeholders who will be key players in the new administration’s ambitious, affordable and inclusive national housing program.
“This will mean huge things for housing developers, and this will create areas of synergy between the private sector, the national government, local government units, and communities,” said SHDA President May Rodriguez, expressing full support for the program.
As an advocate for affordable housing, SHDA delivered various affordable housing offerings, construction supplies, and financial services to aspiring homeowners during its seventh Housing Expo at the SM Megamall in Mandaluyong City last October 7 to 9, 2022. (/)
_________
About the Subdivision and Housing Developers Association, Inc. (SHDA)
The Subdivision and Housing Developers Association (SHDA) is the largest and leading industry association for housing and urban development in the Philippines. With 350 members nationwide and eight regional chapters, SHDA members include the country’s top real estate developer players and a dynamic national network of small and medium developers. SHDA member-developers produce over 80% of homes produced annually in the country, giving SHDA unparalleled reach amongst Philippine homebuyers.
Established in 1970, SHDA has over 50 years of continued close linkages with its members, government agencies, and allied professionals and is the leading voice in articulating the advocacy of the housing industry in the Philippines.