Every country has hopes to provide a comfortable shelter for all its citizens despite the battle of economic status. As specified at Securing The Future of Philippine Industries (STFPI), the Philippine house sector aims to eliminate the housing backlog by the year 2030. To reach that goal, the government formed housing agencies that will help Filipinos be closer to their dream homes without risks. Now that real estate Philippines is progressively in prospering brick by brick, it opened doors of opportunities toward a sustainable growth that will lead to affordable prices for the country’s households.
The respective housing agencies have these main objectives: increase housing production to 12 percent sustainable annual volume growth; implement comprehensive government for targeted segments; improve regulatory housing environment; generate and mobilize funds for end-user financing. These agencies also generated systematic programs to find ways on Filipino housing concerns.
Home Development Mutual Fund or Pag-IBIG
PAG-IBIG stands for Pagtutulungan sa Kinabukasan: Ikaw, Bangko, Industriya at Gobyerno, these are the four sectors in the society that the agency continues to gear up in providing Fund members suitable housing through the effective saving arrangement. This is an opt solution for the need for a national savings program and financing Filipino workers for affordable shelter. The Fund was established on 11 June 1978 by Presidential Decree No. 1530 to primarily address two basic and equally important needs. The said law is to be administered by two agencies, the Social Security System handling for the funds of private employees and Government Service Insurance System for the savings of government workers. The principal functions of PAG-IBIG are to provide low-cost and socialized house, use funds to provide decent budget-friendly condominium units, to stimulate competition for better housing packages and other extended fund matter.
Home Guarantee Corporation
HGC helps Filipino homeownership by seeking banks and financial institutions to lend out homebuyers and housing developers. The agency assures lenders through issuing loans and securitization guarantees. The corporation’s guarantee programs are: Developmental Loan Guaranty, covers developers’ loan for subdivision, townhouses, dormitories, apartments and other residences; Retail Loan Guaranty for loans and credit facilities extended to purchase for a single residential family; Guaranty for Securitization Schemes assurance on securities and/or financial instruments or on the receivables. The HGC guaranty is available for banks, government, private institutions, housing developers, Building and Loan associations. The following potential applicants must request a Guaranty Line from HGC and at the time of approval, grantees may then enroll their accounts.
Housing and Land Use Regulatory Board
Considered as the Philippines’ primary government agency, Housing and Land Use Regulatory Board are assigned in providing technical support including but not limited to Housing Regulations, Land Development and Homeowners Associations, and Settlement of Land Disputes. The operations are through three strategies namely: policy government, planning, and regulation. Homebuyers, developers, homeowners associations, brokers and local government units are the beneficiaries of the aforementioned services. More of HLURB aids, this government agency is also responsible as a mediator for land conflicts, assures the stability of housing projects, provides licenses to sell condominium units and oversees the organization of homeowners associations. All its offered services ought to achieve development and economic advancement toward equitable benefits.
National Housing Authority
Sole national agency’s National Housing Authority is administered in housing production for financially challenged families. To develop a comprehensive and integrated program, housing development, resettlement, sources and schemes of financing and delineation of government and private sector participation are the functions of the agency. The programs of NHS are focusing on the following concerns: informal settlers family that involves relocation and resettlement of families living along troubling areas most particularly along waterways such as creeks, rivers, and esteros; regional resettlement programs for families that are affected by infrastructure projects, it also entails the provision of the housing units, community facilities, socio-economic and other support programs; housing assistance programs for calamity victims; settlements upgrading program to address tenure security , covers survey and titling of individual lots for disposition to qualified occupants; AFP-PNP housing program to provide decent and affordable housing to low-salaried personnel of the Armed Forces of the Philippines (AFP), Philippines National Police (PNP), Bureau of Jail Management and Penology (BJMP0, Bureau of Fire and Protection) (BFP), and the Bureau of Corrections (BuCor).
National Home Mortgage Finance Corporation
If one is looking for home mortgage government guidance, National Home Mortgage Finance Corporation has its sets of duties. NHMF is responsible for operating viable secondary home mortgage market and monitor performance and implementation of the Community Mortgage Program (CMP) by its solely owned subsidiary, the Social Housing Finance Corporation (SHFC). National Home Mortgage Finance Corporation aims to provide liquidity to the housing sector through securitization of mortgage and as well as assets through: promoting stability to the housing finance system starting with active participation in the capital market; establishing efficient and effective organization with professional workforce utilizing best practices; maintaining adeptness in operation and productiveness in financial management to ensure program sustainability, and managing subsidiaries effectively.
Social Housing Finance Corporation
Social Housing Finance Corporation is the secondary of National Home Mortgage Finance Corporation (NHMFC) that is tasked to handle the distributions of loans from the Community Mortgage Program and other housing loan programs for low-income families and informal settlers. As mandated, SHFC has programs that strongly aid the mortgage process such as the Community Mortgage Program (CMP), funded by the government to help organize informal settlers secure land tenureship. A loan is provided for qualified informal settlers to finance the acquisition of an undivided tract of land which they are presently occupying. On the other hand, Abot-Kaya Pabahay Fund (AKPF) is also part of such programs. It has two components specifically the amortization and development financing to assist families in paying their housing loans and support private developers.