SUBIC Bay Freeport — The Subic Bay Metropolitan Authority (SBMA) and the Department of Human Settlements and Urban Development (DHSUD) signed a memorandum of understanding (MoU) for employee housing at the Boardroom of the Administration Building on Monday.

According to SBMA chairman and administrator Eduardo Jose L. Aliño, the MoU on the housing project inside the Subic Bay Freeport will benefit the workers and employees of the agency.

Aliño signed the MoU with DHSUD Secretary Jose Rizalino Acuzar, as the said project is in line with President Ferdinand Marcos Jr.’s Pambansang Pabahay Para sa Pilipino (4PH) Program.

“This housing project will greatly benefit the SBMA employees, providing them a home inside this premier Freeport that has been their workplace for so many years. Thank you Secretary Acuzar for this wonderful gift to the SBMA employees,” Aliño said.

Before the signing ceremony, SBMA director Kenneth Rementilla accompanied the Housing secretary inside the Subic Bay Freeport as they conducted an ocular inspection of the proposed area where the housing project will be erected.

The SBMA official said that the Socialized Housing Project is under a usufruct agreement that will last up to 50 years. Instead of a Title, the beneficiary shall be given a Certificate of Ownership of Leasehold Rights.

“Those who will qualify as beneficiary shall receive from DHSUD a five percent subsidy on the interest rate. Pag-Ibig’s regular interest rate is 6.25 percent under the 4PH Interest Subsidy Program of DHSUD, it will be just 1.25 percent,” Aliño said.

Secretary Acuzar, for his part, vowed full support to SBMA’s shelter initiatives for its workers and locators alike, as he cited the former US naval base’s strategic location and  infrastructures in place that are necessary in the development of inclusive housing communities under 4PH.