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Manila Bulletin devider Business devider GSIS sells Manila property to SHFC for P258 M

GSIS sells Manila property to SHFC for P258 M

Published Sep 13, 2023 06:06 am

At A Glance

  • The Government Service Insurance System (GSIS) sold its Sta. Mesa property to the Social Housing Finance Corp. (SHFC) for the Pambansang Pabahay condo project for P258 million.<br>The housing project aims to benefit nearly 1,000 informal settler families, including members of ULAP-Manila.<br>In May, GSIS introduced the Pabahay Para sa Bagong Bayaning Manggagawa (PBBM) housing program that includes the Lease with Option to Buy (LWOB) Program that allows acquiring GSIS properties without an initial down payment.<br>There are 15,000 residential properties available nationwide under the LWOB Program.<br>GSIS also introduced the Housing Accounts Restructuring and Condonation Program (HARCP), which extends until 2025 and waives penalties and surcharges, offering extended payment terms.<br> GSIS plans to construct housing condominiums for government employees in Fairview, Quezon City, and Cogeo, Antipolo.

The Government Service Insurance System (GSIS) has sold its property in Sta. Mesa to the Social Housing Finance Corp. (SHFC) for the construction of an affordable high-rise condominium project.

In a statement, GSIS President and General Manager Wick Veloso said that SHFC purchased the pension fund’s 14,000 square meter property in Manila for P258 million to build the Pambansang Pabahay condo project.

The housing project aims to benefit nearly 1,000 informal settler families living in critical zones, including members of the Ugnayang Lakas ng mga Apektadong Pamilya sa Baybaying Ilog Pasig at mga Tributaryo (ULAP-Manila).

"The GSIS is your partner in achieving the goal of meeting President Bong Bong Marcos' proposal for housing needs in our country,” Veloso said on Wednesday, Sept. 13.

"That is why we did not hesitate to sell the property in Sta. Mesa to the SHFC in order to provide housing to our fellow countrymen in need,” he added.

Meanwhile, SHFC President and Chief Executive Officerr Federico Laxa expressed his gratitude to GSIS for the prompt response in facilitating the signing of the deed of sale as soon as possible.

“It is necessary to provide housing immediately to the families in need,” Laxa said.

In May, GSIS has introduced a three-pronged strategy to help reduce the housing shortage in the country under the Pabahay Para sa Bagong Bayaning Manggagawa (PBBM) housing program.

The Lease with Option to Buy (LWOB) Program allows potential homeowners to acquire a GSIS property without an initial down payment wherein they can choose from 15,000 residential properties available nationwide.

Alongside this, the Housing Accounts Restructuring and Condonation Program (HARCP), which has been extended until 2025, waives all outstanding penalties and surcharges and provides extended payment terms for eligible borrowers.

In addition, GSIS will construct housing condominiums for government employees in its properties in Fairview, Quezon City, and Cogeo, Antipolo. The payment plan is tailored based on the salary grades of government workers. To make these homes more accessible.

"Every Filipino deserves the basic right to safe, affordable and secure housing," Veloso stressed. (Gabriell Christel Galang)

Related Tags

Government Service Insurance System Wick Veloso GSIS President and General manager
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