Phinma launches housing project for informal settlers

CEBU, Philippines - After its acquisition of Southwestern University in 2015, the Phinma Group announces its entry to real estate development in Cebu through its first in-city housing project.

Phinma Properties unveiled the "Pailob Project", a housing project within the one hectare development called Southwestern Village.

Some 4,000 square meters (sq.m) is allocated for this socialized and economic housing project.

The Pailob Project is built within the development to benefit informal settlers of Sambag 1 and 2 who used to occupy the property.

Phinma Properties vice president for socialized housing division George Richard Siton said the housing project is set to break ground in the next two months, pending completion and release of permits.

Siton said the group will meet with the families for a one-on-one orientation explaining that the residents will be offered with two options, either an onsite or off-site relocation.

Since the housing project is designed not as "dole-out" for the identified beneficiaries, the first choice is onsite relocation that would require Pag-ibig membership, and then pre-qualification.

The off-site relocation on the other hand is another option, wherein they have to choose between in-city location or balik probinsiya.

"This solution works for the community to provide them housing they can call their own. It is going to be owned by them. It is not subsidized by the government. They have to pay through Pag-ibig. It is a good way to give people better life," he said.

The housing project will be a two five-storey mid-rise towers with a total of 238 units.

The Phase 2 development will have commercial component, a 10,000 sq.m in floor area business process outsourcing office and a dormitory with 2,000 beds.

Completion of the housing project is targeted within the year while the mixed-use development will take around three years.

Publicly-listed Phinma headed by former finance secretary Ramon R. Del Rosario, acquired majority stake of the Aznar-founded SWU in 2015. (FREEMAN)