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Manila Bulletin devider Business devider GSIS, PNB allot P1.2 billion for PA Properties' affordable housing

GSIS, PNB allot P1.2 billion for PA Properties' affordable housing

Published Apr 5, 2024 05:26 am

State-run Government Service Insurance System (GSIS), along with the Philippine National Bank (PNB) partnered with P.A. Alvarez Properties and Development Corporation (PA Properties) to help address the national housing backlog.

In a statement, GSIS said the pension fund, the national bank, and the housing firm signed a deal to pursue the construction of affordable housing.

The agreement stated that the GSIS would establish a P900 million notes facility, while PNB would allocate P300 million.

Because of this, the housing firm plans to build 20 more residential communities, minimizing the housing backlog of 6.5 million nationwide.

According to GSIS President and General Manager Wick Veloso, the funds will be able to reduce the housing crisis by providing PA Properties enough support in land banking, acquisition, development, and expansion plans.

With the recently signed agreement, PNB President Florido Casuela is also delighted to boost the investments needed for the housing project.

“Our partnership with P.A. Properties whose advanced construction technology will help boost the country’s housing supply, is more than just a financial venture for the GSIS. It’s a significant step towards nation-building,” Veloso said.

GSIS’ support of the housing project reflects the three programs under the Pabahay sa Bagong Bayaning Manggagawa (PBBM).

Under the PBBM housing program is the Lease with Option to Buy (LWOB) and Housing Accounts Restructuring and Condonation Program (HARCP).

LWOB offers 13,000 nationwide residential units with the option to lease or sell without a downpayment. Meanwhile, HARCP helps housing loan borrowers to regularize their accounts.

Additionally, the pension fund is currently planning to build low-cost housing for Antipolo and Quezon City government workers.

PA Properties Chairman Romarico Alvarez thanked GSIS and PNB for the support, stating “This partnership empowers us to significantly boost our housing production, moving us closer to our goal of providing sustainable, affordable housing to more Filipinos.”

Over the past three decades, PA Properties has developed around 20,000 affordable residential units across the country.

Related Tags

Housing crisis PNB Wick Veloso affordable housing and other social services to aid the marginalized elderly and youth GSIS
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