DBP, GSIS back gov’t target to build more affordable homes
MANILA -State financial institutions are deploying funds and assets to support the administration’s Pambansang Pabahay Para sa Pilipino Program, which is aimed at building six million housing units for lower-income Filipinos.
In line with this, the Development Bank of the Philippines (DBP) said it has granted Cebu-based real estate developer Johndorf Ventures Corp. (JVC) a P900-million funding facility.
DBP president and chief executive Michael de Jesus said in a statement this was part of efforts to boost the construction of public housing and to address the country’s housing backlog.
The state-run bank’s Building Affordable Homes Accessible to Every Filipino (Bahay) Program, through which the fund is made available, is expected to bolster JVC’s goal to build 39,000 housing units by 2025.
JVC, a Filipino-owned firm operating in key cities in the Visayas and Mindanao, is set to launch commercial-residential estates in the cities of Cebu, Davao and Cagayan de Oro.
“DBP would be providing JVC with the necessary credit assistance including working capital requirements for inventory buildup and construction of socialized, economic and low-cost housing units,” de Jesus said.
DBP has a goal of releasing a total of P50 billion in loans until the end of the Bahay program in 2030, he added.
The Government Service Insurance System (GSIS) has also started rolling out a three-pronged program aimed at helping more Filipinos have their own homes.
“Our commitment is to create a significant impact and positive difference as we support the housing program and, at the same time, help the overall economy as construction of homes has a big multiplier effect,” GSIS president and general manager Arnulfo Veloso said.
One of the fund’s housing initiatives is the Lease with Option to Buy (LWOB) scheme, which may be used for the estimated 15,000 residential properties it owns. The LWOB is an alternative way to buy a home or property from the GSIS without having to make a down payment.
Second is the Housing Accounts Restructuring and Condonation Program (HARCP), which has been extended until 2025. This provides GSIS housing loan borrowers an opportunity to bring their accounts back to current status.
The third initiative, intended to be completed by 2025, involves the construction of new decent low-cost housing units for government workers. INQ
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