President Marcos is calling on government financial institutions and private banks to help address the country’s housing backlog, which, according to Secretary Jose Rizalino Acuzar of the Department of Human Settlements and Urban Development (DHSUD), has since reached 6.5 million.
The secretary said they intend to clear up the backlog before the president ends his term in 2028.
On a social media post by the Office of the President (OP), it was reported that the President met with Secretary Acuzar together with government financial institutions (GFI) and top executives of different banking institutions in the country such as BDO, Metrobank, Union Bank, Ayala Corp., and China Bank to discuss the government’s “Framework for Resilient Housing and Shelter Programs in the Philippines.”
The said framework was turned over by the World Bank (WB) to the president.
In the same meeting, Marcos directed DHSUD, Bangko Sentral ng Pilipinas (BSP) governor Felipe Medalla, and the heads of Bureau of Treasury, Pag-IBIG, Government Service Insurance System (GSIS), Philippine National Bank (PNB), and Land Bank of the Philippines to help out in filling the housing backlog.
“I think we can (achieve it), but there should be sufficient incentives… [an] arrangement for the private banks to come in,” the President was quoted as saying in the post.
The framework lays down strategies “to direct the coordination and identification of housing strategies and programs of national government agencies, local government units, and government partners in all phases of disaster management,” according to the Office of the President.
Framework to harmonize housing strategies in PH
In a separate press statement, the DHSUD said the framework will also harmonize and identify housing strategies, programs and activities of national government agencies (NGAs), local government units (LGUs) and government partners, from disaster response to the rehabilitation and recovery phase.
According to Alcuaz, this was established through the National Disaster Risk Reduction and Management Council’s (NDRRMC) Resolution 10 that was crafted last year. The DHSUD will be the lead agency for the government’s shelter and housing assistance programs during the response, rehabilitation, and recovery.
Acuzar said his department is now also looking to build 1 million houses a year, or a total of 6 million houses by the time Marcos steps down.
The housing chief said the target can be achieved by building in-city, mixed-use residential hubs to cater to minimum-wage earners and middle-class families, adding they have already identified potential areas for the development of settlements and townships.
“The housing program will not only address the housing backlog but will help tap the big economic pump-priming potential of the housing industry,” Acuzar said.
The program will need P36 billion a year for the next six years. The President said there must be a system for sourcing out funds for the program and, at the same time, incentivizing private entities that will take part in it.
Meanwhile, Acuzar said minimum wage earners can apply for the government’s Pambansang Pabahay para sa Pilipino program. All those who are earning the minimum wage can buy a house,” he said.
“This is open housing for everyone. This is not just policemen, teachers and uniformed personnel getting this kind of housing, which is why we called the program Pambansang Pabahay para sa Pilipino. Even those in the streets can avail of buying a house, which is why our government wants affordable, in-city housing,” he added.