Bongbong wants loan applications for low-cost housing done in 7 days

10 April 2022

FILIPINOS may soon be able to secure a housing loan within just seven days if presidential frontrunner Ferdinand 'Bongbong' Marcos, Jr. is able to revive an initiative to address the ballooning housing backlog in the country.

Previously implemented by the Home Development Mortgage Fund (HDMF), more commonly known as Pag-IBIG Fund, the '7-Day Takeout Policy' will shorten the low-cost housing loan application process. 

"We recognize every Filipino family's desire to have a decent and safe home.  We will strive to provide the Filipino worker with a dwelling that will restore his dignity and his hope for a better future," Marcos said.

It can be recalled that Pag-IBIG was established by then-president Ferdinand Marcos in 1978 through Presidential Decree No. 1530 specifically to address the need for a national savings program and financing for affordable homes for the Filipino worker.

The takeout policy would drastically reduce the waiting time for loan approval, which currently stretches from three to four months.

Government data show that the total housing needs of the country will hit 6.8 million units by the end of 2022 and could swell to 22 million units by the year 2040 if left unattended.

According to the Philippine Statistics Authority (PSA), the country's official total population as of May 1, 2020, has reached 109.0 million, equivalent to almost 24.8 million households with an average family size of 4.4 members.

The economic or low-cost housing segment is those units with a selling price of P580,000 to P1.7 million.

Meanwhile, socialized housing projects cost no more than P580,000 for horizontal development and P750,000 for vertical development.

"Unlike previous efforts, we will endeavor a whole of society approach to tackle our growing housing problem.  We need to have a convergence between all stakeholders as we institute regulatory and policy reforms," Marcos added.

Apart from providing Pinoys a decent living, housing development can also help jumpstart economic activity through employment generation, consumption, and indirect tax income.

Its downstream effects on 80 industries also bode well for our bid to recover from the negative impact of the COVID-19 pandemic.

Marcos Jr.'s move to restore the seven-day takeout would also encourage developers to produce more low-cost housing units due to an improved cash conversion cycle, requiring smaller capital and shielding them from incurring additional debt.

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FILIPINO VERSION

BBM gagawing isang linggo lang ang low-cost housing loan

MAAARI nang makakuha ng housing loan ang mga Pilipino sa loob lamang ng pitong araw kung matutuloy ang balak ni presidential frontrunner Ferdinand 'Bongbong' Marcos, Jr. na buhayin ang isang natigil na programa upang masolusyunan ang kakulangan ng pabahay sa bansa.

Dati nang ipinatupad ng Home Development Mortgage Fund (HDMF), na mas kilala bilang Pag-IBIG Fund, ang '7-Day Takeout Policy' upang mapabilis ang proseso ng mga aplikasyon ng mga kuwalipikadong kumuha ng low-cost housing loans.

"We recognize every Filipino family's desire to have a decent and safe home.  We will strive to provide the Filipino worker with a dwelling that will restore his dignity and his hope for a better future," sabi ni Marcos.

Matatandaan na ang Pag-IBIG ay itinatag ni dating pangulong Ferdinand Marcos noong 1978 sa pamamagitan ng Presidential Decree No. 1530 para tugunan ang pangangailangan para sa isang national savings program at financing para sa abot-kayang pabahay ng manggagawang Pilipino.

Ang nasabing patakaran ay malaki ang maitutulong upang mapaikli ang oras ng paghihintay ng isang aplikante sa pag-apruba ng pautang, na kasalukuyang umaabot mula tatlo hanggang apat na buwan at mas matigil pa.

Ayon sa datos ng pamahalaan, ang kabuuang pangangailangan sa pabahay ng bansa ay aabot sa 6.8 milyong mga yunit sa pagtatapos ng 2022 at maaaring lumaki sa 22 milyong mga yunit sa taong 2040 kung hindi  maaagapan.

Ayon pa sa Philippine Statistics Authority (PSA), ang opisyal na kabuuang populasyon ng bansa noong Mayo 1, 2020, ay umabot na sa 109.0 milyon, katumbas ng halos 24.8 milyong kabahayan na karaniwang may apat na miyembro kada pamilya.

Ang economic o low-cost housing segment ay iyong mga unit na ibinebenta sa presyong P580,000 hanggang P1.7 milyon.

Samantala, ang mga socialized housing project ay nagkakahalaga ng hindi hihigit sa P580,000 para sa horizontal development at P750,000 naman para sa vertical development.

"Unlike previous efforts, we will endeavor a whole of society approach to tackle our growing housing problem.  We need to have a convergence between all stakeholders as we institute regulatory and policy reforms," dagdag pa ni Marcos.

Bukod sa pagbibigay ng disenteng pamumuhay sa mga Pinoy, makakatulong din ang pagpapaunlad ng pabahay sa pagsisimula ng aktibidad sa ekonomiya sa pamamagitan ng pagbuo ng trabaho, pagkonsumo, at kita sa buwis.

Nakikita rin na magiging malaki ang positibong epekto ng pagresolba sa usapin ng pabahay sa mahigit 80 industriya na makakatulong sa bansang makabangon mula sa pandemya.

Marcos Jr.'s move to restore the seven-day takeout would also encourage developers to produce more low-cost housing units due to an improved cash conversion cycle, requiring smaller capital and shielding them from incurring additional debt.

Ang hakbang ni Marcos na ibalik ang pitong araw na takeout policy ay inaasahang maghihikayat sa mga developers na muling makilahok sa programang pabahay ng pamahalaan.

Dahil sa polisiyang ito, mas maliit na kapital na lamang ang kakailanganin upang bumuo ng mga low-cost housing units na siyang magpapabilis sa paggawa ng mga ito. 

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