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PIA Press Release
2006/10/10

P3.2-B allotted for housing over 5 years - VP de Castro

By Rose B. Palacio

Davao City (10 October) -- Vice President Noli de Castro, concurrent chairman of the Housing and Urban Development Coordinating Council (HUDCC) said, homeless urban poor beneficiaries received a total of P3.2-billion in low-cost group housing loans over the last five and a half (5.5) years under the Arroyo Administration, which financed the acquisition of land tenure and housing security under the government's Community Mortgage program (CMP).

This comprises 52% of the cumulative loans worth P6.19-billion granted during the 18years of implementation of the home financing program for the informal settlers.

The loan releases from 2001 to date financed the purchase of 588 housing sites nationwide by community associations of informal settlers for a corresponding total of 77,327 family beneficiaries.

Citing reports submitted by the Social Housing Finance Corporation, De Castro said that over the last seven months, a total of P371.89 million in loans was released, posting an all-time high for the equivalent period over the last 18 years.

CMP aims to assist informal settlers, slum dwellers or residents of blighted areas to purchase through duly-registered community associations, the land they occupy or move to where they choose to be relocated. These land purchases are initially held under communal ownership. (PIA-XI) [top]

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