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Manila Bulletin devider Philippines devider National devider Acuzar: PBBM approves sovereign guarantee for mass housing projects

Acuzar: PBBM approves sovereign guarantee for mass housing projects

Published Aug 7, 2024 02:38 pm

President Marcos has approved the issuance of a sovereign guarantee for shelter projects under the Pambansang Pabahay para sa Pilipino Housing (4PH) program, the Department of Human Settlements and Urban Development (DHSUD) disclosed on Wednesday, Aug. 7.

DHSUD Secretary Jose Rizalino Acuzar described Marcos’ decision as a “game changer” as it would expedite and further assure the government’s goal of addressing the more than 6.5 million housing backlog in the country.

“This guarantee is another solid testament of our President’s commitment to uplift the lives of all Filipinos by providing decent yet affordable shelters through a whole-of-nation approach,” said Acuzar.

“I am optimistic that this guarantee will make the difference in our quest to finally address homelessness in the country,” he added.

Currently, there are 53 ongoing projects under the Marco administration’s mass housing program   which are mainly funded by the private sector.

Acuzar explained that the sovereign guarantee will pave the way to fast the loan evaluation process and housing production since government financing institutions (GFIs) could extend developmental loans to the National Housing Authority (NHA) and Social Housing Finance Corporation (SHFC).

Through the End-User Financing Program, Acuzar said the Home Development Mutual Fund (HDMF) or Pag-IBIG Fund shall take out the individual housing loan of beneficiaries.

Pag-IBIG shall then release the loan proceeds directly to the GFIs that granted the developmental loans. Upon payment to the GFIs, the loan obligation is fulfilled and the guarantee is extinguished. 

Based on Pag-IBIG data, the cancellation rate of socialized housing loans is 9.11 percent. However, the appreciation of property value could outpace the holding costs, such that Pag-IBIG still stands to gain upon resale of the property.

DHSUD said there is up to 1.2 million housing projects already in the pipeline. The agency is eyeing up to 3.2 million housing units by 2028. 

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