President Ferdinand ”Bongbong” Marcos Jr. approved the issuance of sovereign guarantee for shelter projects under the Pambansang Pabahay para sa Pilipino Housing (4PH) program, Department of Human Settlement and Urban Development (DHSUD) Secretary Jose Rizalino Acuzar said Thursday.
At a Palace press briefing, Acuzar said the guarantee is another solid testament of the President’s commitment to uplift the lives of all Filipinos by providing decent yet affordable shelters through whole-of-nation approach.
”Kahapon po, inaprubahan po ng ating mahal na Pangulo, Ferdinand R. Marcos Jr., ang pagbibigay ng sovereign guarantee sa mga uutangin ng National Housing Authority at Social Housing Financing Corporation sa pagpapatayo po ng proyekto sa ilalim ng Pambansang Pabahay para sa Pilipino or 4PH program,” he said.
(Yesterday, the President approved the issuance of sovereign guarantee on the loans that will be made by the National Housing Authority and the Social Housing Financing Corporation in building projects under the 4PH program.)
”Ito pong guarantee na ito ay gagamitin po ito ng construction para mapabilis. Kasi po noong nakaraan, ang ginamit namin ay private money, ay napakabagal po ng pasok po ng pondo,” he added.
(This guarantee will hasten the construction of houses because before, we used private money and the release of funds is too slow.)
Acuzar also disclosed that there is a revised housing needs study that has been produced for the government’s housing project.
”And we are also looking into that and that is something that we are adjusting, because nagbago po iyong population trend eh. From the last census to this census and iyong population projection, together with the projection of the housing needs, medyo nagkaroon ng adjustment,” he said.
”So, that is something that we are looking at and in relation to that, we are also adjusting the target, vis-à-vis the capacity of the government to finance the subsidies and also to extend guarantees for the developmental loans,” he added.
Through the sovereign guarantee, government financing institutions (GFIs) could extend developmental loans to the NHA and SHFC to construct 4PH projects, with the government assurance to expedite the loan evaluation process and housing production.
Marcos further directed DHSUD and other relevant agencies to further study the rate of interest subsidies that may be undertaken by the government to alleviate financial burden on potential 4PH homeowners by reducing amortization costs.
Under the proposed scheme, the agency will subsidize a percentage of the Pag-IBIG loans outstanding interest rate, and this will allow for 4PH borrowers to pay a reduced interest rate on their loans.
The Pambansang Pabahay para sa Pilipino Housing (4PH) Project aims to build one million housing units annually until 2028 to address the housing backlog in the Philippines.
Asked about the challenges being encountered in the construction of houses, Acuzar said before that it is difficult for them to search for idle lands where the units will be built.
The 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.—AOL, GMA Integrated News
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