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Binay’s Pabahay Caravan backs housing campaign in Cagayan

by Jessica M. Bacud
[ ] October 13, 2011

TUGUEGARAO CITY—Vice President Jejomar Binay led his Pabahay Caravan to Cagayan Valley, to assure local government units of his support in spreading the benefit of homeownership in the countryside.

“Being closer to the people, the LGUs should be at the forefront in delivering housing services,” he told officials.

Binay, also head of the Housing and Urban Development Coordinating Council, said

the shelter program is being implemented through various agencies such as the National Housing Authority, Social Housing and Finance Corp. National Home Mortgage Finance Corp., Housing and Land Use Regulatory Board, and the Home Development Mutual Fund or Pag-IBIG.

“The LGUs can borrow the maximum amount of P20 million per phase (for horizontal development) and P40 million per building or actual cost of the building (vertical development),” he said.

As mandated by the Republic 7279 or the Urban Development and Housing act of 1992, localities should attent to their homeless constituents by implementing housing programs in comminities.

The loan has a maximum term of three years and with interest rates of 6 percent for P400,000 below and 7% forP400,000 up to P750,000.

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