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A government housing scheme will create 1.7 million employment.
The “Pambansang Pabahay para sa Pilipino: Zero ISF 2028” program of the Marcos administration aims to create 1.7 million jobs for Filipinos annually.
When the initiative ramps up with the construction of housing units, according to Department of Human Settlements and Urban Development (DHSUD) Secretary Jose Rizalino Acuzar, the jobs will be produced annually.
In a news release on Sunday, Acuzar stated that “it is predicted to have direct and indirect jobs in the sector, especially in locations where mid-rise to high-rise apartments will be developed.”
According to data from the Philippine Statistics Authority, 2.68 million Filipinos between 15 and 64 were unemployed as of August of this year.
According to the DHSUD, at least eight workers must complete a housing unit within a specific time, citing government studies.
The goal of the national housing initiative is to house over six million households in six years, or one million homes annually, until 2028.
Funding for the housing program will go straight to interest support for recipients to boost production and lessen dependency on the General Appropriations Act.
The DHSUD requests PHP36 billion in interest assistance annually and urges both public and private institutions to take an active role in the financing side.
With this scheme, Acuzar added, “we will also be utilizing the housing sector’s capacity for economic pump-priming.”
To date, DHSUD has engaged other government financial institutions, including commercial banks, and signed a memorandum of understanding with the Development Bank of the Philippines.
Several local governments have begun implementing their housing initiatives.
The DHSUD job creation will enhance the government’s eight-point socioeconomic plan and the post-pandemic recovery efforts.
By completing President Ferdinand Marcos Jr.’s six-year term, the plan aims to reduce poverty to 9 percent and elevate the Philippines to “upper-middle income” status.
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