MANILA, Philippines ? Overseas Filipino Workers and first-time house buyers sustain the real estate industry despite the economic crisis, an official from a housing group said.

?About 50-60 percent of our sales come from OFWs and locally, most of the buyers are first-time buyers of low-cost housing,? said Banson Chua, president of the Subdivision and Housing Developers Association (SHDA).

?We don?t expect any decrease in low-cost housing sales but we expect a decrease in the high-end market,? added Chua.

Chua noted that the remittances increased by 2.6 percent as compared to last year.

Partnering with the government through the National Shelter Program paved the way for SHDA to implement its mission of producing 400,000 affordable and decent housing units for the homeless, said Chua.

Chua said the SHDA also played an active role in advising the Housing and Urban Development Coordinating Council to reduce the interest rate of Pag-Ibig housing loans to six percent in 2006.

?We want to uplift the masses through decent housing,? said Ed Alunan, chairman of SHDA.

Through socialized housing, a house worth 400,000 pesos can be availed, said Chua.

?Socialized housing is our answer to homelessness,? said Alunan.

Alunan also called on private banks to offer loans for socialized housing.

?I want to urge private banks to open their doors even for the socialized housing. Private banks should also have corporate social responsibility in terms of housing,? said Alunan.

To increase the number of buyers, the SHDA submitted a stimulus plan to HUDCC, said Chua.

In the stimulus plan, Chua enumerated that HUDCC should give interest subsidy so that buyers could pay the principal amount faster and easier.

Moreover, 24 months deferment of payment for displaced workers should be given.

?Hopefully, we?ll increase the numbers of buyers,? said Chua.