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Marcos asks banks and GFIs: Help the government deal with the housing backlog

Cebuano Cebuano English English Filipino Filipino

President Ferdinand R. Marcos is urging both public and private banks to support government efforts to alleviate the nation’s more than 6.5 million housing backlog.

This demand was made by Marcos on Wednesday during a meeting with the heads of the Bureau of Treasury, Pag-IBIG, Government Service Insurance System (GSIS), Philippine National Bank (PNB), and Land Bank of the Philippines. Also present were the Secretary of the Department of Human Settlements and Urban Development (DHSUD), Jose Acuzar, and the Governor of the Bangko Sentral ng Pilipinas (BSP), Felipe Medalla.

Invoking the crucial assistance provided by the private banking industry to his administration, Marcos asserted, “I think we can, there should be enough incentives… [an] agreement for the private banks to join in.”

He claimed that providing incentives to private organizations will further motivate them to get involved in the construction and funding of the housing program.

In a similar vein, representatives from BDO, Metrobank, Union Bank, Ayala Corporation, and China Bank stated their support for the housing initiative and pledged to assist in developing a finance mechanism to implement it.

For his part, Acuzar stated that by the end of Marcos’ six-year term, his agency aims to build 2 million homes annually, or a total of 6 million homes.

He said that creating mixed-use, in-city residential clusters might serve both middle-class families and those on minimum pay.

Acuzar estimated that the initiative will require PHP36 billion annually in collaboration with private lending institutions for the following six years.

He said that the scheme will make use of the housing sector’s ability to boost the economy in addition to tackling the housing backlog.

According to Acuzar, the DHSUD has already identified suitable locations for the growth of townships and communities.

Following the World Bank’s transfer of the Framework for Resilient Housing and Shelter Programs to the DHSUD, Marcos met with stakeholders in the housing sector, according to the President’s Office.

According to the document, the framework aims to coordinate and identify housing policies and programs of national government agencies, local government entities, and government partners in all stages of disaster management.

Cebuano Cebuano English English Filipino Filipino

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