Binay: Informal settlers to have new homes

MANILA, Philippines - Vice President Jejomar Binay assured yesterday the 8,000 informal settler families living in danger zones that they will have new and safer homes through the high-density housing (HDH) program this year.

Speaking during an ocular inspection at the Doña Imelda HDH project in Quezon City, the chairman of the Housing and Urban Development Coordinating Council (HUDCC) said informal settlers will not be taken away from their livelihood because the five-storey buildings are to be constructed “in-city,” “near-city,” or “near-site.”

“Around 8,000 informal settler families are expected to benefit from this project within the year,” he said.

Binay said the HDH adopts a community-driven approach to guarantee that informal settlers are involved in the planning and implementation of their housing and shelter facilities.

“This approach provides security of housing tenure to the informal settler families and at the same time, ensure that their livelihood will not be affected once they transfer to their new, decent and safe homes,” he said.

Binay said that under the HDH, the Social Housing Finance Corp. (SHFC) will provide loan assistance to organized communities of informal settler families living in danger areas in Metro Manila to finance land acquisition and construction of homes.

“The adopted scheme allows beneficiaries to pay lower monthly amortizations on the first year with a gradual annual increase of 10 percent up to 10 years,” he said.

“The succeeding monthly amortization after the 11th year is fixed. We are studying the capabilities of the beneficiaries to pay their monthly amortization so that they can afford the terms of payment.” 

Binay said that the SHFC offers up to P400,000 loan with an interest of 4.5 percent per annum for a maximum of 30 years.

Borrowers may also apply for a graduated amortization scheme, he added.

Binay said the beneficiaries must pay their monthly dues so the government may be able to build more houses for the poor.

“Part of this program is the responsibility of the families and the community to fulfill their obligation as beneficiaries,” he said.

“I hope that you will be an example by rightfully paying your monthly amortizations.