3 firms sailing for a good cause

ACM developments will provide homebuyers with master-planned communities attuned to their needs.

Seafarers may be among the highest paid overseas Filipinos workers (OFWs), but not all are able to invest wisely and accumulate substantial savings that can tide their families over to the next generation.

A number of Filipino seafarers, who are faced by the pressure of having to support large extended families, usually fall prey to frivolous spending to “let out steam,” explained Philbright Ang, corporate resources director of crew management company Philippine Transmarine Carriers (PTC).

It is thus not surprising to hear of Filipino seafarers ending up with meager savings—after 20 or 30 long years at sea—even if a crew member can already earn as much as $1,000 a month while a captain’s wage can go up to a hefty $15,000 a month.

Many of them also often fail to pour in money where it truly counts—on lifetime investments for instance, such as one’s own house.

Tripartite agreement

This is why three firms—PTC, Land Bank of the Philippines and niche housing developer ACM Landholdings Inc.—recently signed a tripartite agreement that targets to help seafarers achieve the dream of having their own home with ease and security.

Under this agreement, Landbank’s Easy Home Loan Program (EHLP) will allow PTC seafarers and employees to borrow up to 90 percent of the total amount of the house, which will be repaid through monthly salary deductions.

ACM developments will provide homebuyers with master-planned communities attuned to their needs.

The loan program also offers interest rates that are 0.5 percent lower than prevailing rates as well as a longer amortization period of 20 years, as against industry standard of 15 years, said Landbank executive vice president Cecille Borromeo, in a joint statement.

With such lucrative repayment schemes, Ang believes that seafarers will be given a better chance to start “saving for a home which represents an asset, not a liability. The home prods them to work harder for the future and to plan for it. Owning a home leads to a change in lifestyle and career growth.”

ACM, for its part, will be offering house and lots worth as low as P550,000 up to P3.5 million. The company has 15 projects in Batangas and Cavite. ACM developments will provide homebuyers with master-planned communities that are close to schools, commercial centers and other establishments, attuned to needs of mariners who are not with their families for most months of the year.

A community in ACM Homes, where most of the residents are seafarer families, provides the seafarers a support community because of their shared experiences. They become a homogenous community as they are in the “same boat.”

“We recognize that we are not just simply selling houses; we are selling dreams and aspirations,” said Carol Osteria, managing director and co-founder of ACM Homes, in a statement.

“And to partner with Landbank through the Easy Home Loan Program for the seafarers makes the end-buyer financing even more affordable and accessible. Landbank has made it easier for the Filipino seafarer to achieve their dream and aspiration of owning their own home,” Osteria said.

She added that ACM will likewise be providing livelihood and other programs for the seafarer families.

To date, ACM has already sold more than 10,000 houses in Luzon and continues to build more homes in key urban centers in Visayas and Mindanao, where many of their seafarer clients, who typically grew up in coastal towns, trace their roots.

ACM’s strategic marketing alliance with PTC, which deploys 35,000 officers and crew annually, has been a key driver to the real estate developer’s 30-percent growth in revenues in the past five years. ACM Homes expects to breach the P1-billion mark in revenues this year.

“Together with Landbank and PTC, we are in the business not only of building homes but also of priming the Filipino middle class,” Osteria concluded.