The government's housing program has a new source of funds.
President Estrada launched yesterday the P40-billion Pag-Ibig housing bond to raise funds for more government housing projects by the end of his term in June 2004.
The P40-billion bond is intended to start up funds for private sector participation in the administration's mass housing projects.
The memorandum of agreement for the housing bond was presented to the Chief Executive by Ramon Palma-Gil, Pag-Ibig president and chief executive officer, and Deogracias Vistan, president of Solid Bank, in ceremonies at Malacañang yesterday.
Housing for soldiers and policemen were also given priority through a memorandum of agreement signed by Secretary Leonora de Jesus, chairwoman of the Housing and Urban Development Council, Armed Forces chief Gen. Angelo Reyes and Philippine National Police chief Deputy Director General Panfilo Lacson.
De Jesus said the P40-billion housing bond will increase the government's fund sources for building 355,000 housing units a year or 1,000 units a day.
"This P40 billion is not coming from government's budget ... And this will be pumped into the economy to enable us to reach our GNP target for the economy through housing construction industry," she said.
In a speech, President Estrada vowed to fulfill his campaign promise to provide decent and affordable homes for low-income families.
"But more than that desire, I also hope that the peacekeepers and defenders of our nation have their rightful share of the benefits and privileges under the government's housing program," he said. -- Marichu Villanueva