The national government's aggressive push for housing projects is expected to create around 1.7 million jobs every year, the Department of Human Settlements and Urban Development (DHSUD) said on Sunday, Oct. 16.
DHSUD Secretary Jose Rizalino Acuzar said the figure was based on the study which revealed that at least eight workers re necessary in the construction of a housing unit within a certain period.
With the DHSUD targeting at least one million housing units a year, Acuzar said job generation from the housing sector is expected to be boosted.
"Other than the increase of cash flow in the housing sector market, the housing program will also provide employment to many jobless Filipinos. It is projected to have direct and indirect jobs in the sector especially in areas where mid-rise to high-rise units will be built," said Acuzar.
"The significant number of jobs is seen to contribute in the administration’s post-pandemic recovery efforts and in furtherance of the 8-point economic agenda of the Marcos administration," he added.
As of August 2022, the Philippine Statistics Authority reported 2.68 million unemployed Filipinos aged 15 to 64 years old.
In June 2022, President Ferdinand Marcos Jr.’s economic team presented the 8-point socioeconomic agenda in the near and medium-term which includes creation of more jobs by promoting investments. Under the program, the DHSUD seeks P36 billion interest support per year and calls for the active involvement of both government and commercial banks in the financing side.
"With this program, we will also be tapping the economic pump-priming potentials of the housing sector," added Secretary Acuzar.
So far, DHSUD has signed a memorandum of understanding with the Development Bank of the Philippines and has engaged other government financial institutions and even private banks.
The DHSUD is targeting to address the over 6.5 million housing units backlogs before the end of the term of Marcos.