The P250 billion commitment of the Home Development Mutual Fund, or Pag-IBIG Fund, to the government housing program is an assurance of fair distribution of economic growth that will eventually create opportunities to the poor and those under the low-income bracket, Department of Human Settlements and Urban Development (DHSUD) Secretary Jose Rizalino Acuzar said on Sunday, Dec. 4.
Acuzar explained that reality dictates that poor families and those under the low-income bracket have no means even to buy even a parcel of land, much more build a new home for their family.
Through the effort to address over 6.5 million housing backlog that is fully-backed by multi-billion assistance assured by the Pag-IBIG, he said this would pave the way for a fresh start to the beneficiaries and will also serve as a morale-booster for them to work hard to improve the lives of their family--which translates to their own contribution to the government's efforts to go full swing in attaining economic growth.
"The Pag-IBIG's fund allocation clearly highlighted the inclusivity of the flagship housing program. This will certainly have a huge impact in promoting inclusive growth," said Acuzar.
Acuzar earlier said that the DHSUD needs P36 billion a year to build the targeted one million housing units every year until the 6.5 million housing backlog is addressed.
He added that aggressive housing projects also translate to creation of 1.7 million jobs every year.
"With this funding support, we are very optimistic on the roll out of Pambansang Pabahay. We are on the right track," Acuzar said.
On-Site, In-City
Acuzar repeatedly emphasized the need to ensure that the housing projects are within the area where the informal settler families and low-income earners have been living, citing that bringing them away from their sources of income would entail additional costs in their cost of living and likewise threatens the success of the housing programs similar to what happened in the past.
This is the reason, according to him, why they have been forging partnerships with local government units (LGUs) and both private and government financial institutions.
Recently Acuzar hailed President Bongbong Marcos' order to all government agencies to identify idle government lands for the housing program.
'Pag-IBIG is the answer'
Pag-IBIG Fund Chief Executive Officer Marilene Acosta, for her part, emphasized the need for coordination and bringing together all relevant sectors to support the housing program-- one of the reasons why its board was convinced to allocate P250 billion.
The Pag-IBIG commitment serves as a loan fund available for homebuyers, local government units, developers, contractors and other qualified stakeholders.
In supporting the housing program under the DHSUD, Acosta ited the significance of collective efforts in promoting inclusive growth and how it will largely benefit minimum wage earners, low-income earners and the sectors considered as underserved and unserved who depend on the government to provide them with opportunities for homeownership.
“I have high hopes that this partnership will lead the way and show other local government officials that they are not alone in solving the housing problems in their areas. With our LGUs providing areas for housing development that have access to livelihood, education, and basic services, not only are we providing homes, we are building productive communities,” Acosta said.
“Pag-IBIG Fund strives for synergy, we have long recognized that we will not be successful if we act alone. We need the trust, support and equal responsibility of our partners and members to make the program work,” she added.