NextGen Day

MANILA, Philippines — Filipinos may soon be able to get a home loan in as little as seven days, thanks to presidential contender Ferdinand “Bongbong” Marcos Jr.’s determination to restart a plan to solve the country’s growing housing backlog.

The ‘7-Day Takeout Policy,’ which was previously established by the Home Development Mortgage Fund (HDMF), also known as the Pag-IBIG Fund, will speed up the application process for low-cost housing loans.

“We understand how important it is for every Filipino family to have a decent and secure home. We will work hard to offer a home for the Filipino worker that will restore his dignity and give him hope for a better future “Marcos stated this in a press statement issued on Sunday.

Pag-IBIG was founded in 1978 by then-President Ferdinand Marcos through Presidential Decree No. 1530 to address the need for a national savings program as well as finance for affordable housing for Filipino workers.

The takeout policy would substantially cut the time it takes for a loan to be approved, which is presently three to four months.

According to government estimates, the country’s total housing demands will reach 6.8 million units by the end of 2022, and if left untreated, will reach 22 million units by 2040.

According to the Philippine Statistics Authority (PSA), the country’s official total population reached 109.0 million on May 1, 2020, equating to about 24.8 million homes with an average family size of 4.4 members.

Units with a selling price of PHP580,000 to PHP1.7 million fall into the economic or low-cost housing category.

Meanwhile, horizontal housing projects cost no more than PHP580,000 and vertical housing projects cost no more than PHP750,000.

“Unlike prior efforts, we will take a holistic approach to address our expanding housing need. As we implement regulatory and policy reforms, we need to ensure that all stakeholders are on the same page “Marcos went on to say.

Housing construction can help stimulate economic activity by generating jobs, consumption, and indirect tax revenue, in addition to providing a good living for Pinoys.

Its knock-on effects across 80 industries augur well for our efforts to recover from the Covid-19 pandemic’s harmful repercussions.

Save/Share this story with QR CODE

---

Disclaimer

This article is for informational purposes only and does not constitute endorsement of any specific technologies or methodologies and financial advice or endorsement of any specific products or services.

Need to get in touch?

Feel free to Contact NextGenDay.com for comments, suggestions, reviews, or anything else.

---

We appreciate your reading. Simple Ways To Say Thanks & Support Us:
1.) GIVE A TIP. Send a small donation thru Paypal
Your DONATION will be used to fund and maintain NEXTGENDAY.com
Subscribers in the Philippines can make donations to mobile number 0917 906 3081, thru GCash.
3.) BUY or SIGN UP to our AFFILIATE PARTNERS.
4.) Give this news article a THUMBS UP, and Leave a Comment (at Least Five Words).

---

AFFILIATE PARTNERS

World Class Nutritional Supplements - Buy Highest Quality Products, Purest Most Healthy Ingredients, Direct to your Door! Up to 90% OFF.
Join LiveGood Today - A company created to satisfy the world's most demanding leaders and entrepreneurs, with the best compensation plan today.

---