GSIS to launch housing program in 2023

State-owned Government Service Insurance System (GSIS) said it would launch a housing program for government workers next year.

In a statement, Wick Veloso, GSIS President and General Manager said the pension fund signed a memorandum of understanding (MOU) with the Department of Human Settlements and Urban Development (DHSUD) for the housing program.

According to Veloso, the program aims to help provide housing for over six million families nationwide, under the Pambansang Pabahay Para sa Pilipino Program.

Aside from GSIS, other signatories to the MOU include the Home Development Mutual Fund (PagIBIG Fund), the Social Security System, the Land Bank of the Philippines, and the Development Bank of the Philippines.

The MOU provides modes by which participating government financing institution (GFIs), like the GSIS, may support the government’s housing initiatives, Veloso said.

The MOU enhanced the GFIs’ own housing programs that gives options to both the private sector and government employees to obtain ownership or rights to develop housing units.

Under the pabahay program, the award of the housing units will be in the form of lease rights for a maximum of 100 years. This means that the awardees will have the right to use and enjoy the housing unit as residence by paying only the monthly rental.

The sale of rights will only be granted to first time homebuyers, Pag-IBIG Fund members and minimum wage earners.

Veloso stressed this arrangement provides a safety net to unscrupulous individuals.

“GSIS will adopt the same for government employees the allocation for which will be based on the breakdown of our sectoral membership,” Veloso said.

"We are firming up the structure and will have it approved by the Board in January next year.