By Louella D. Desiderio (The
Philippine Star) | Updated January 13, 2015 - 12:00am
MANILA, Philippines - The Chamber of
Real Estate and Builders’ Associations Inc. (CREBA) is proposing a package of
reforms to allow the country to address the 5.5 million housing backlog in the
next 20 years.
“With the backlog estimated at 5.5 million, we
have set our target production of 500,000 (housing units) per year for the next
20 years,” CREBA national chairman Charlie Gorayeb said during the group’s
Developer’s Forum yesterday.
To achieve the annual housing
production target of 500,000 units, Gorayeb said the group has identified a
five-point agenda or package of reforms aimed at providing benefits to the
government, homebuyers and the private sector.
Among the reforms pushed is the
availability of long-term and affordable funds for socialized and economic
housing.
The group is proposing a Centralized
Homebuyer Financing Program (CHFP) which would involve initial contributions
from the Social Security System, Government Service Insurance System, Pag-IBIG
and unused agri-agra funds of banks invested in housing bonds pursuant to
different laws, to be made available as home financing assistance to individual
home loan borrowers with no component for development financing.
In addition to the CHFP, the group is
proposing the operation of a long-term mortgage-backed securitisation program
which would involve securitisation, capital and secondary market operations for
home mortgages and other housing-related receivables, conveyances and financial
instruments to be managed by a secondary mortgage institution organized by the
government, to increase funds available for housing and home development.
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