Published
By Bernie Cahiles-Magkilat
The Chamber of Real Estate and Builders’ Associations, Inc. (CREBA),
the country’s largest organization of real estate and housing industry
players, is once again urging the passage of a bill that will create a
Comprehensive Home Financing Program (CHFP) to make all income-earning
Filipinos entitled to low-interest, long-term housing loans, even if
they are not members of the Social Security System (SSS), Government
Service Insurance System (GSIS), or the Pag-lBIG Fund.
Charlie A. V. Gorayeb, CREBA national chairman, said they will
reiterate this during the 27th national convention slated at the
Thunderbird Resort in La Union from October 17-20 this year.
CHFP is designed exclusively for home loan borrowers with no component for development financing.
This is to ensure that the use of funds strictly for shelter acquisition by the homeless, estimated by the Housing and Urban Development Coordinating Council (HUDCC) to be at least 6.57 million families nationwide as of 2017.
As proposed by CREBA, the resulting surge in housing beneficiaries
would be covered by an initial P350-billion fund sourced in the form of
investment in bonds by the SSS at P5 billion; GSIS at P25 billion; a
minimum of P70 billion up to a maximum of 70 percent of Pag-IBIG Fund’s
total investible funds for housing; P200 billion from the unused or
residual agri-agra funds of banks; plus another P50 billion from
government’s annual budget, all with mandatory guaranty cover from the
Home Guaranty Corporation.
If passed into law, the proposed bill thus amends Republic Act 7835
or the Comprehensive and Integrated Shelter Finance Act (CISFA) of 1994.
These fund sources, according to CREBA national president Noel Toti
M. CariƱo, have already been identified by various existing laws and
need only to be integrated for effective administration to socialized
and economic housing beneficiaries.
Payable in at least 30 or more years, CHFP loans for residential
units in subdivisions or medium-rise condominium buildings shall be P1.5
million and below at 3 percent fixed interest rate for socialized
housing, and above P1.5 million up to P3,199,200 at 4 percent for
economic housing.
All income-earning citizens who qualify as beneficiaries under the
Urban Development and Housing Act and who have not acquired housing
assistance from any government institution shall be eligible for home
loans through the CHFP.
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