THE GOVERNMENT Service Insurance System (GSIS) has turned over a 14,000-square meter property in Sta. Mesa, Manila to the Social Housing Finance Corporation (SHFC) for the construction of the Pambansang Pabahay high-rise condo project.
GSIS sold the property for P258 million to SHFC for housing projects that will benefit nearly 1,000 informal settler families living in critical zones, GSIS said in a statement on Wednesday.
The beneficiaries will also include members of the Ugnayang Lakas ng mga Apektadong Pamilya sa Baybaying Ilog Pasig at mga Tributaryo (ULAP-Manila).
SHFC President and Chief Executive Officer Federico A. Laxa expressed thanks to the GSIS, led by its president and general manager, Jose Arnulfo A. Veloso, for “their quick response so that the deed of sale could be signed as soon as possible, and housing provided immediately to families who need it.”
GSIS began the Pabahay Para sa Bagong Bayaning Manggagawa (PBBM) housing program in May with a three-pronged strategy to help reduce the housing shortage in the country.
The first strategy is the Lease with Option to Buy (LWOB) Program which allows potential homeowners to acquire a GSIS property without an initial down payment. Potential homeowners can choose from 15,000 residential properties available nationwide.
The second is the Housing Accounts Restructuring and Condonation Program (HARCP), which waives all outstanding penalties and surcharges. The program also provides extended payment terms for eligible borrowers and has been extended to 2025.
Lastly, GSIS will construct housing condominiums for government employees in properties in Fairview, Quezon City, and Cogeo in Antipolo City.
GSIS makes each payment plan based on the salary grades of government workers to make the homes more accessible. “Every Filipino deserves the basic right to safe, affordable and secure housing,” Mr. Veloso said. — Aaron Michael C. Sy
