Three firms tie-up to make owning homes easier for seafarers

Despite being among the highest paid overseas Filipino workers (OFWs), seafarers have a difficult time securing housing loans due to the contractual nature of their employment.

“It is difficult for financial institutions to lend to the seafarers because they are contractual workers, and hence, have gaps in their employment history,” Philbright Ang, corporate resources director of crew management company Philippine Transmarine Carriers (PTC) said.

In a recently signed tripartite agreement among niche housing developer ACM Homes (ACM), Land Bank of the Philippines and PTC, seafarers can now avail of their own homes with ease and security. LBP’s Easy Home Loan Program (EHLP) is a program aimed at providing financial support for Filipinos who dream of having their own homes. This is the first and only variant of EHLP that is aimed towards the seafarer market.

Under the program, PTC seafarers and employees can now save up to P500,000 from lower interest rates. They can also now loan up to 90% of the total amount for a longer time period. With convenient amortization payments through salary deduction and faster processing time, buying a home is now within reach for our hardworking seafarers.

Why buy a home?

 Ang noted that there have been sad stories where seafarers have barely accumulated substantial savings even after many years at sea as they have fallen prey to frivolous spending. Instead of spending one’s money on unnecessary expenses, a house is a good store of value and a wise investment because it is an asset that appreciates over time.

Support community

Aside from owning a house, it is also equally important for seafarers to live in a safe and healthy community.  As parents, they also work hard to provide a good environment for the stable development of their children.  

A community in ACM Homes, where most of the residents are seafarer families, provides the seafarers a support community because of their shared experiences. They become a homogenous community as they are in the “same boat.”

Furthermore, a home changes the mindset of a seafarer because it prods them to work harder for their family’s future. It leads to a change in lifestyle and career growth as well as redefines their family values. The EHLP will now allow seafarers not only to save up for a particular asset but also to live their dreams in their very own support community.

Carol Osteria, managing director and co-founder of ACM Homes, said, “we recognize that we are not just simply selling houses; we are selling dreams and aspirations. And to partner with Landbank through the Easy Home Loan Program for the seafarers makes the end-buyer financing even more affordable and accessible.  Landbank has made it easier for the Filipino seafarer to achieve their dream and aspiration of owning their own home”

Cecille Borromeo, Landbank executive vice president, said housing is a very important component not only to countryside development but also in finding ways to improve the quality of life of the OFWs.   LBP believes that if they support developers like ACM Homes, there would be a ripple effect in the economy because of the employment this developer generates and the communities it creates.

The tripartite agreement is a testament of the shared objectives and vision of LBP, ACM and PTC towards giving the heroes of today a bright and secure tomorrow. By providing seafarers with the opportunity to own homes in caring and sharing communities, development happens in various levels –individually, as a family, as a community, and even nationally, eventually leading to the emergence of a new Filipino middle class who are now much closer to their dreams.