President Ferdinand R. Marcos Jr.’s Pambansang Pabahay para sa Pilipino Program can spur economic activities in 80 allied industries of the housing sector once it is fully implemented.
In a recent Senate hearing for the 2023 budget of the Department of Human Settlements and Urban Development (DHSUD), Secretary Jose Rizalino Acuzar stressed the economic pump-priming potentials of the housing and real estate sector.
He said there are about 80 industries allied to housing construction.
Among the top 10 out of 80 allied industries that will benefit from the housing program once fully implemented include steel and metal manufacturing, cement, veneer and plywood, refined petroleum producers, sawmills and wood and wholesale/retail businesses.
“The housing and real estate industry is a vital economic pump-primer due to more than 80 allied industries attached to the housing sector,” Acuzar said.
“Once tapped, the potential of these industries can contribute to the economic growth of our country,” he added.
Funding is key
Acuzar emphasized the need for P36 billion in funding to jumpstart the construction of the first one million housing units under the program.
The program is also believed to have a significant contribution to the Marcos administration’s eight-point economic agenda specifically on job creation.
Earlier, DHSUD also estimated that 1.7 million jobs would be generated when the national housing program goes full blast with construction.
This is based on the estimate that about eight workers are needed to build a housing unit within a certain period of time.
Marcos’ Pambansang Pabahay para sa Pilipino Program aims to build one million housing units every year in the next six years to address the country’s housing backlog pegged at more than 6.5 million.
To date, the DHSUD has conducted groundbreaking ceremonies in several areas in Luzon, Visayas and Mindanao and engaged local government units to support the program.
The President has inspected the Bagong Sibol Housing Project in Barangay Nangka, Marikina City which is targeting 10,000 government employees and low-income earners.
The Chief Executive also hosted a dinner to rally the support of government financial institutions and even private banks for the program. (PNA) – gb
