Banks heed Marcos call for housing financing
The OPS said representatives from BDO, Metrobank, Union Bank, Ayala Corporation, and China Bank have expressed support for the housing program
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The OPS said representatives from BDO, Metrobank, Union Bank, Ayala Corporation, and China Bank have expressed support for the housing program
Private financial institutions have expressed their commitment to helping the government address the country's housing backlog of more than 6.5 million, the Office of the Press Secretary said Thursday.
In a meeting at Malacañang Palace, Marcos called on government financial institutions and private banks to assist government efforts to support the government housing program.
The OPS said representatives from BDO, Metrobank, Union Bank, Ayala Corporation and China Bank have expressed support for the housing program.
Marcos is considering providing incentives to private banks to further encourage them to take part in the building and financing aspects to support the housing program.
"I think we can, there should be sufficient incentives… (an) arrangement for the private banks to come in," Marcos said during his meeting with government officials.
Among those whom the President met with were Department of Human Settlements and Urban Development Secretary Jose Acuzar, Bangko Sentral ng Pilipinas Governor Felipe Medalla, and executives from the Bureau of Treasury, Pag-IBIG, Government Service Insurance System, Philippine National Bank and Land Bank of the Philippines.
Acuzar, for his part, said his department looks at building two million houses a year or a total of six million houses by the end of Marcos' six-year term.
He said building in-city, mix-use residential hubs could cater to minimum-wage earners and middle-class families.
Acuzar said the program would need P36 billion a year for the next six years in cooperation with private lending institutions.
The official is also aiming to tap the economic pump-priming potential of the housing industry.
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