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Manila Bulletin devider Business devider GSIS grants 70 land titles to beneficiaries

GSIS grants 70 land titles to beneficiaries

Published Oct 4, 2023 05:43 am

At A Glance

  • The Pabahay sa Bagong Bayaning Manggagawa (PBBM) initiative by GSIS has provided land titles to at least 70 beneficiaries.<br>PBBM is a housing program introduced last May to support the Marcos administration's Pambansang Pabahay flagship program.<br>The initiative includes three programs: Lease with Option to Buy (LWOB), Housing Accounts Restructuring and Condonation Program (HARCP), and a housing loan program.<br>LWOB allows GSIS to rent out housing units to interested employees, who have priority to purchase the units during the lease agreement.<br>HARCP offers existing borrowers the opportunity to restructure their delinquent housing accounts for more affordable monthly payments.<br>The housing loan program supports the national government's housing efforts by providing loans and installment payment options.<br>GSIS President and General Manager Wick Veloso emphasized the importance of accessible housing for government employees and the vision of secure, affordable, and safe housing for all Filipinos.

Land titles from the state-run Government Service Insurance System (GSIS) were given to at least 70 beneficiaries under the Pabahay sa Bagong Bayaning Manggagawa (PBBM) initiative.

The PBBM initiative is a GSIS housing program that was introduced last May. It is a three-tiered strategy to support the Marcos administration’s Pambansang Pabahay flagship program.

The programs include the Lease with Option to Buy (LWOB), wherein GSIS will rent out housing units to interested employees and will be given the priority to purchase at any time during the lease agreement.

Then, the Housing Accounts Restructuring and Condonation Program (HARCP) provides existing borrowers an opportunity to restructure their delinquent housing accounts that may lower or make monthly amortizations affordable.

Lastly, the housing loan program aims to assist the national government’s housing efforts so that borrowers can loan housing and inquire installments.

In a statement, GSIS President and General Manager Wick Veloso highlighted the importance of accessible housing, especially for government employees.

"We believe every government employee deserves to own a home in line with the President’s vision for every Filipino to have secure, affordable, and safe housing,” he emphasized. 

“Having a home is an important right of every person. It is more vital compared to having the right to vote,” he added.

Among the government officials who attended the event were Board Chairman Rodolfo Del Rosario Jr., Trustee Rita Riddle, and Undersecretary Avelino Tolentino of the Department of Human Settlements and Urban Development.

During the awarding of house titles, Reuben Quejas, 62 years old from Laguna and a retired Division Chief from the Department of Energy, received the beneficiaries of the PBBM program.

“It’s difficult to work around a property that is not yours because you have no choice but to comply. I’m really happy. The mere fact that I know my family and I will have our own home makes me happy,” he said.

Those who wish to apply for the loan programs may do so by visiting the GSIS website and Facebook Page. (Gabriell Christel Galang)

Related Tags

Government Service Insurance System Wick Veloso GSIS President and General manager
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