The target was set to address the housing backlog, estimated at 6.5 million homes, the department said.National Developers Convention that President Ferdinand R. Marcos, Jr. has issued a directive to implement the ‘Pambansang Pabahay Para sa Pilipino’ program.para matapos angThe program focuses on affordable and accessible homes in selected areas, with the goal of clearing up the backlog before Mr. Marcos steps down.
The DHSUD proposes a subsidy budget of P36 billion a year to cover the difference between commercial mortgage rates and the expected preferential interest for home buyers of 1%. “The intention is to bring interest rates to 1%, so that’s where the interest subsidy will come in. The market rate that we’re looking at for this marginalized sector is 6%,” Human Settlements Undersecretary Roberto Juanchito T. Dispo said.
“The subsidy P36 billion, will cover the 5%, so effectively it be just down to 1%,” Mr. Dispo added.“The idea is not to be dependent fully on the government. The idea is to tap the private sector to participate in this program,” particularly banks, Human Settlements Undersecretary Henry L. Yap said on the sidelines of the event.ed their intention but it’s not yet in writing. But for government institutions memoranda with many of them,” Mr. Yap said.
“We’ve been going around talking to the developers. They have expressed their support for this project. The SHDA is one of the housing organizations that we’ve been meeting with and many of them have expressed support,” Mr. Yap said. —
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