HOUSING FOR POOR
THE Department of Human Settlements and Urban Development (DHSUD) has stressed the need for government equity to ensure the provision of affordable and decent housing, particularly for the underprivileged sector of the society.
In Tuesday’s budget hearing with the House of Representatives’ Committee on Appropriations, DHSUD Secretary Jose Rizalino Acuzar explained the importance of funding for interest support to the success of President Ferdinand R. Marcos Jr.’s Pambansang Pabahay para sa Pilipino Housing (4PH) Program.
“Pag binigyan po ang programa ng interest subsidy, ang unang makikinabang po dito ay yung mahihirap. Kasi po yung mahihirap, wala silang access sa private funds. Ang bangko po, nagpapautang lang po yan sa makakabayad,” said Acuzar, expounding on providing opportunities to low-income earners with limited capacity to pay housing loans.
Under “Pambansang Pabahay”, DHSUD is tapping private funds in recognition of the scarce financial resources of the government. It engages developers and contractors to invest or avail of development loans from the Home Development Mutual Fund (Pag-IBIG Fund) and other government financial institutions, as well as private banks, to encourage their participation in the program.
Based on the 4PH financial model, most of the physical investments will be provided by the project developers and contractors while the local government units will acquire lands for development and identify beneficiaries.
The housing chief, however, reiterated as vital to the program the sufficiency and availability of interest subsidy as equity from the national government.
“Developers, contractors… nag-we-wait and see because of the interest subsidy. Ngayon po na binigyan nyo na po kami ng interest subsidy, tatapang po ang mga negosyante at developers na tumaya at magtayo po ng pabahay,” pertaining to the initial P1.2 billion itemized budget for interest support in the 2024 National Expenditure Program.
Acuzar said they expect a 5 percent interest support from the usual 6 percent being paid for housing loans. Only the remaining 1 percent will be shouldered by the buyer-beneficiary.
For this purpose, he further shared that the 4PH will implement graduated amortization for beneficiaries to allow them to start with a lower monthly payment. He said they also included in the computation of monthly amortization the cost of building maintenance to ensure the sustainability of the projects.
