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Socialized Housing for the Filipinos

November 23rd, 2011 by Filipino | No Comments | Filed in Breaking News

The Housing and Urban Development Coordinating Council (HUDCC) has assured that they are monitoring the implementation of the 20-percent allocation for socialized housing among developers.

Vice President and HUDCC chair Jejomar Binay, in his visit Saturday in the city, said developers must set aside a fifth of their budget for socialized housing, a policy which lacks full compliance.

Under Republic Act 7279, Binay said developers should set aside 20 percent of projects for socialized housing, with each unit costing P400,000.

Under the law, developers of proposed subdivision projects shall be required to develop an area for socialized housing equivalent to at least 20 percent of the total subdivision area or total subdivision project cost, at the option of the developer, in accordance with the standards set by the Housing and Land Use Regulatory Board (HULRB) and other existing laws.

Binay said the passage of the proposed measure seeking to create the Department of Housing will also address the country’s housing backlog now at 3.6 million.

If eventually established, Binay said the proposed housing department will have the power to monitor developers and convince them to fully set aside 20 percent of projects for socialized housing.

Meanwhile, Binay said the Pag-IBIG Fund and the Government Service Insurance System (GSIS) recently forged an agreement where the GSIS put in an initial P5 billion fresh money for housing program.

In a statement, GSIS president and general manager Robert Vergara said “it has been a difficult decision for us to stop direct housing lending for our members but we are, above all, obligated to them to ensure that their contributions are managed prudently for the greater benefit”.

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