By Ruth Abbey Gita-Carlos | Philippine News Agency
President Ferdinand R. Marcos Jr. has approved the proposed sovereign guarantee for the Pambansang Pabahay Para sa Pilipino Program (4PH), Department of Human Settlements and Urban Development (DHSUD) Secretary Jose Rizalino Acuzar said Wednesday.
In a Palace press briefing, Acuzar said Marcos gave his approval during a sectoral meeting with DHSUD officials at Malacañan Palace in Manila on Tuesday.
Acuzar said the approved sovereign guarantees would be used for the developmental loans of the National Housing Authority (NHA) and Social Housing Financing Corporation (SHFC) to expedite the construction of housing projects under the 4PH and address backlogs in residential units.
“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. Since po uutangin naman po ito, kaya po ang naisapan namin, ang uutang na lang po ay ang gobyerno na rin: the National Housing Authority at ang SHFC,” he said.
“I am optimistic that this guarantee will make the difference in our quest to finally address homelessness in the country,” he added.
Acuzar said the approved funding guarantee could be a “game changer”, as the Marcos administration commits to providing Filipinos with “decent yet affordable” shelters through a whole-of-nation approach.
This, as he admitted that fast-tracking the construction of housing units is a “big” challenge for the government since most of the 53 ongoing 4PH projects are funded by private entities.
Acuzar said under the new plan, the government will serve as the “developer” of the housing units.
“Ngayon, kapag ginamit ’yong dating sistema uli na ang contractor ang maghahanap ng pondo at sila ang manghihiram, tatagal na naman po iyan. So naisipan po namin, instead na sila ang pautangin, bakit hindi ang gobyerno ang umutang at humingi ng guarantee—gobyerno sa gobyerno, para babantayan naman po ng kapwa gobyerno iyong bawat galaw diyan,” he said.
“Ngayon, ang mangyayari po, kapag napahiram na, ang magpapakontrata na po, ang SHFC at saka ’yung NHA. Wala ng developers. Sa ganoong sistema, makakatipid po tayo kasi ang developers’ profit, mawawala,” Acuzar added.
Studying financial scenarios
Malacañang press Briefer Daphne Oseña-Paez said Marcos had also directed the DHSUD and concerned government agencies to continue studying different financial scenarios of possible sovereign guarantees for developmental loans.
Oseña-Paez said Marcos also ordered the further review of rates of interest subsidies that may be undertaken by the government to alleviate the financial burden of potential 4PH homeowners by reducing amortization costs.
“Under the proposed scheme, DHSUD 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. These efforts will help Filipino workers fulfill their dreams of owning a home,” she said.
In a Facebook post late Tuesday night, Marcos said he had ordered an adjustment to the target of building six million housing units by the end of his term in 2028, adding that the new goal should be based on “need and demand.”