RP needs P252 billion to address housing deficiency

MANILA, Philippines – The government would need P252 billion to address the estimated 3.6 million housing deficiency in the country, Vice President Jejomar Binay said yesterday.

Binay, chairman of the Housing and Urban Development Coordinating Council (HUDCC), stressed the funding would also require partnership with the private sector.

At the same time, Binay assured the public that agencies under HUDCC are formulating reforms and programs that would alleviate the housing problem.

At the 5th National Housing Fair, Binay announced that the HUDCC is considering reducing the six percent interest rate for loans and implementing reforms to avoid controversies, such as favoring certain developers.

Binay called on the public to report any irregularities committed by employees of housing agencies.

“We have already started the reform. Wait until you see the results,” Binay told the gathering.

Binay invited the public to avail themselves of affordable housing units during the Oct. 1-3 National Housing Fair at SM Megamall’s Megatrade Hall that offers 13,580 houses and lots located in Metro Manila, Rizal, Bulacan, Cavite and Laguna.

The units are from the acquired assets inventory of government housing agencies.

Interested buyers can also take out low-interest housing loans from the Home Development Mutual (Pag-IBIG) Fund payable in 30 years.

“You can see the potential in the Housing Fair where our countrymen can avail of low-cost housing units,” he said.

Binay, however, reminded borrowers of their obligation to regularly pay their loans. He said defaulting on payments would affect other members of the Pag-IBIG fund who also want to acquire their own homes.

“We have to follow the policies and regulations so that other members could avail of the programs under Pag-IBIG,” he said.