PHILIPPINE President Ferdinand R. Marcos, Jr. on Tuesday ordered the Department of Human Settlements and Urban Development (DHSUD) to study the cost of issuing sovereign guarantees for state housing projects, according to the Presidential Communications Office (PCO).

In a statement, the PCO said officials from the DHSUD recommended state guarantees to encourage state and private banks to lend to the program.

“Let’s generate those numbers and see what really in terms of real-world cost is going to be — what is the condition really of the market, how easy or how hard is it going to be… for our guarantee to turn these things around,” Mr. Marcos said at the meeting, according to the PCO. — John Victor D. Ordoñez