GFIs back Pambansang Pabahay program

MANILA, Philippines — Major government financial institutions (GFIs), apart from the Home Development Mutual Fund or Pag-IBIG Fund, have formally pledged their support to the administration’s mass housing program.

In a Memoranda of Understanding (MOU) signed with the Department of Human Settlements and Urban Development last Wednesday, GFIs committed to collaborate with the DHSUD and its attached agencies specifically on funding strategies for the Marcos administration’s Pambansang Pabahay para sa Pamilyang Pilipino program.

The GFIs, including the Development Bank of the Philippines (DBP), Social Security System (SSS), Government Service Insurance System (GSIS) and Land Bank of the Philippines, committed to prioritize allocating their financial, technical and operational resources for the program.

The GFIs also vowed to develop or enhance their existing housing programs to form part of the Pambansang Pabahay program.

“This is massive in terms of the financial side of the flagship housing program of our President – a huge boost for the rollout of the program and go full blast in the construction hopefully by next year,” said DHSUD Secretary Jose Rizalino Acuzar.

“On behalf of the millions of Filipino families still dreaming of owning decent yet affordable homes, I thank our GFIs from the bottom of my heart for their support,” Acuzar said.

The MOU signing, held in Palayan City, Nueva Ecija, was attended by Pag-IBIG Fund chief executive officer Marilene Acosta, DBP president Emmanuel Herbosa, SSS president Michael Regino, GSIS president Jose Arnulfo Veloso and LBP president Cecilia Borromeo.

The event happened on the same day President Marcos led the inauguration of the Palayan City Township Housing Project, which is planned to have 44 towers with about 11,000 housing units.

The administration’s “Pambansang Pabahay Para sa Pilipino: Zero ISF (Informal Settler Family) 2028 Program” aims to construct one million housing units annually in the next six years or until 2028 to address the country’s housing backlog pegged at more than 6.5 million units.

Earlier, Acuzar said the program is seen to address the two main problems in the housing industry – affordability and access to funds.

Acuzar had previously met separately with the heads of the GFIs to present the concept of the Pambansang Pabahay, saying that it is focused on “tapping the private sector to play an active role in the housing industry.”

The Pag-IBIG Fund has already committed P250 billion for the program for the next six years.