GSIS allocates P18B for housing program

The Subdivision and Housing Developers Association (SHDA) have cited the Government Service Insurance System (GSIS) for its allocation of some P18-billion funds for housing under the agency’s "Bahay Ko" housing program for its members.

SHDA president Jesus B. Atencio welcomed the pledge made by the government pension fund for housing finance.

"SHDA, the country’s premier organization of subdivision developers, and GSIS will forge a partnership to hasten the delivery of decent and affordable housing especially for GSIS members, consisting of government employees," Atencio said in a statement.

He also cited the innovative features of the GSIS "Bahay Ko" program, which include among others, a more simplified loan documentation and approval process; no buy-back scheme; and a guaranteed loan take-out within five working days.

For his part, SHDA chairman Teofisto Guingona III hailed GSIS for offering its members the lowest interest rates for their housing loans.

"The eight-percent interest rate of GSIS for its socialized housing loan is definitely the lowest in the market, which will help ensure greater access to housing of government workers needing shelter," Guingona pointed out.

He also expressed hope that these improvements in housing delivery pioneered by GSIS will also be adopted of other government.