MANILA, Philippines — The Chamber of Real Estate and Builders’ Associations Inc. (CREBA) is supporting a proposed measure seeking to create the Comprehensive Home Financing Program (CHFP) to allow more Filipinos access to financing for housing.
In a statement, CREBA national chairman Charlie Gorayeb said House Bill (HB) 4886, which seeks to create the CHFP, is a necessary move to address the country’s 6.57 million housing backlog.
“To fulfill its constitutional duty to deliver housing for its people, government must provide affordable and long-term sources of home loans for the millions of homeless Filipinos, especially the low-income earners,” he said.
Under the bill, which seeks to amend Republic Act 7835 or the Comprehensive and Integrated Shelter Finance Act, the CHFP fund amounting to P270 billion would be set up.
The fund would come from investments of the Social Security System at P25 billion; Government Service Insurance System at P25 billion; a minimum of P70 billion for Home Development Mutual Fund’s investible funds for housing; P100 billion from the unused or residual agri-agra funds of banks; and a P50 billion government budgetary allocation through the General Appropriations Act or national budget.
The bill appoints HDMF or Pag-IBIG Fund as the implementing agency for the CHFP.
Funding would be made available to citizens qualified as beneficiaries under the Urban Development and Housing Act, and have not acquired housing assistance from any government institution.
CREBA supports the bill as it is line with the group’s five-point agenda to speed up housing production to reach 10 million in 20 years.
“Intensifying housing production is a win-win solution as it creates a wide-ranging economic value-chain that positively impacts consumption, jobs and taxes and improves the over-all quality of life of people,” CREBA national president Noel Toti Cariño said.
During the CREBA’s annual convention in October, the group came up with a manifesto to urge Congress to immediately pass the bill.
“HB 4886 is a complete package on its own, and we hope that Congress will steer its immediate passage into law to bring about the urgently needed panacea to our long-standing housing woes,” CREBA said.