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10m houses needed by 2035, says Creba

By Othel V. Campos | Dec. 26, 2014 at 11:10pm [ ]      

The housing backlog continues to swell, despite the rise of residential condominium buildings in Metro Manila, as the country needs to build 10 million new housing units over the next 20 years, an industry group said.

The Chamber of Real Estate & Builder’s Associations Inc. said the housing backlog now stood at 5.5 million units.  The group said in its “Five-Point Agenda for Housing” that with the expanding population, there was a need to construct 500,000 housing units each year over the next 20 years.

“We need to address the 5.5 million housing backlog now and build at least 10 million housing units by 2035 because the problematic housing situation is already bearing heavily on our people’s economic and social growth,” said Creba chairman Charlie Gorayeb.

The group asked the government to tap the collective P220 billion in funds allocated to housing by different laws to provide long-term and affordable financing for low-income earners.

Creba also pushed for the creation of a centralized home financing program using annual investment in bonds worth P25 billion from the Social Security System, P25 billion from the Government Service Insurance System and P70 billion from the Pag-IBIG Fund.

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