MANILA, March 6,
2017: Where do we go from acknowledging the importance of a home? As the
number one marketplace for all things real estate, Lamudi
Philippines talks about affordable housing and how best to make to it
available to every Filipino.
“More than just a roof to keep our people safe from external
threat, a shelter is where values are formed, hopes and dreams are built, and
the true meaning of family is defined. For many of us, a home is indeed a
symbol of identity and dignity,” said President Rodrigo Duterte at the 7th National Developers’
Convention of the Organization of Socialized Housing Developers of the
Philippines (OSHDP). In the same event, the president called on all economic
development stakeholders to unite and formulate development action plans aimed
at providing decent homes to Filipinos.
The
dream of having a home of their own is one common aspiration shared by all
Filipinos but as the rise of property prices continue to shoot up this goal is
becoming more and more elusive most especially to low-income earners. To be able
to address the housing ownership challenge many Filipino families face, here
are some innovative solutions that can be rolled out.
Affordable Finance Schemes
The
first step to housing within reach is easier finance schemes and lower interest
rates especially for the poor and the marginalized.
In
recent financing program of Pag-IBIG Fund, the lowest interest rate they offer
to its members is 5.5% for a one year fixed-pricing period, 6.5% for 3
years, 7.270% for 5 years, 8.035% for 10 years, 8.585% for 15 years, 8.8% for
20 years, 9.050% for 25 years, and 10% under a 30-year fixed-pricing period. To
avail of the lowest rate of 5.5% per annum, borrowers must have a monthly
amortization that should not exceed 30% of the borrower’s gross monthly income;
and the ratio of the loan amount to the appraised value of the collateral shall
not exceed 75%.
One major worry though is the full risk-based pricing
framework that the Fund has recently adopted. This means that the interest
rates will only be fixed on the assigned period and might go higher or lower
depending upon the prevailing market rates. Fortunately the shelter agency
reported that since they used the new scheme, the agency has lowered its rate
for five consecutive times. This rule applies to all eligible members of the
Fund.
Public–Private
Partnerships
In
a study of the Housing and Urban Development Coordinating Council (HUDCC), the
affordability of housing has been adversely affected by out-of-control
urbanization and unplanned urban sprawl where demand for residential land far
outstrips the available supply of land, particularly in densely populated
areas.
The
best course of action for this dilemma can start with more proactive engagement
of private investors in the national agenda. With the government and the
private sector sharing ideas and working together, planning for future
developments of a city that will include more low-cost housing will be made
much easier.
The
only listed example of public and private cooperation under property
development in the portal of the Public–Private Partnership Center of the
Philippines is the Pabahay sa Riles Project which can be recalled as
not exactly a success.
As
upcoming projects such as the Cavite–Laguna Expressway and the NLEX–SLEX
Connector Road has been proven to be helpful, we can only hope that joint
venture real estate developments will soon be planned and conceptualized for
Filipinos.
Lower Rental Costs
Taking
a leaf from the plans of former HUDCC chief Leni Robredo, a public rental
housing program can likewise help ease the financial burden of housing to
salaried workers and employees. This initiative will help individuals and
families who temporarily chose to reside near their workplace in the city but
do not intend to acquire a home there. By providing value-for-money ready-for-lease
units, the families can save up for that dream house that they can own in the
future.
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