The Department of Human Settlements and Urban Development is promoting a new financing structure to attract more stakeholders to support the country's massive housing production.

DHSUD Secretary Jose Rizazlino Acuzar said the housing department is actively engaging with various stakeholders, including government financial institutions and local government units, to meet its goal of providing affordable and more accessible housing units for Filipinos.

"Government financial institutions including private banks are clearly pillars in the financial structure we have prepared to address the housing needs of Filipinos in a sustainable way," Acuzar said, following his recent meetings with the officials of the Landbank of the Philippines and the Development Bank of the Philippines.

Acuzar cited that such financial institutions have vital roles in addressing the country's primary concerns regarding the housing sector.

The participation of GFIs and other commercial banks, he added, could boost funding support for housing programs.

The LBP expressed its interest in working closely with the DSHUD in developing a "new financial scheme" that will benefit Filipinos, local government units, and financial institutions.

For its part, the DBP offered the expansion of its development loan services in partnership with the DHSUD.

Acuzar said the housing department has crafted a financial structure that would ensure "closed-loop movement of cash and funds in the money market."

"This will include development loans and tax subsidies or housing interest support to attract more players," he added.

He noted that this financial scheme will mobilize more developers, banks, and other financial institutions to invest in housing production.

The structure was also designed to assist the government in addressing over 6.5 million housing backlogs.