80 linked industries will benefit from PBBM’s “pabahay,” creating 1.7M jobs.
Once completely implemented, the Pambansang Pabahay para sa Pilipino Program of President Ferdinand R. Marcos Jr. can boost economic activity in 80 related industries related to the housing industry.
Secretary Jose Rizalino Acuzar highlighted the housing and real estate sector’s potential to stimulate the economy during a recent Senate hearing for the DHSUD budget for 2023.
About 80 industries, according to him, are connected to the construction of homes.
When the housing program is fully completed, the top 10 out of 80 associated industries that will profit from it include the production of steel and metal, cement, veneer, plywood, refined petroleum, sawmills, and wood, as well as wholesale and retail companies.
Due to the more than 80 related industries that are connected to the housing sector, the housing and real estate industries are a crucial economic pump-primer, according to Acuzar.
The potential of these industries, he continued, “can contribute to the economic growth of our nation once harnessed.”
Key is funding
Acuzar stressed the requirement for PHP36 billion in funding to kickstart the development of the program’s initial million housing units.
The initiative is also thought to have made a considerable contribution to the eight-point economic strategy of the Marcos government, particularly with regard to job creation.
Earlier, DHSUD predicted that when the national housing initiative ramps up development, 1.7 million employment would be created.
This is based on the assumption that eight people are required to construct a housing unit in a given amount of time.
In order to overcome the nation’s estimated 6.5 million housing backlog, Marcos’ Pambansang Pabahay para sa Pilipino Program seeks to construct one million housing units annually over the course of the following six years.
The DHSUD has so far held groundbreaking ceremonies in a number of locations throughout Luzon, Visayas, and Mindanao and recruited local government entities to help with the program.
The Bagong Sibol Housing Project in Barangay Nangka, Marikina City, which targets 10,000 public servants and low-income workers, has been inspected by the president.
In order to gain the cooperation of government financial institutions and even private banks for the scheme, the Chief Executive also organized a dinner.
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