State pension fund Government Service Insurance System said Wednesday it sold for P258 million its 14,000-square-meter property in Sta. Mesa, Manila to the Social Housing Finance Corp. to pave the way for the construction of a high-rise condominium project.
This will allow the SHFC to start building its housing project for nearly 1,000 informal settler families living in critical zones, including members of the Ugnayang Lakas ng mga Apektadong Pamilya sa Baybaying Ilog Pasig at mga Tributaryo (ULAP-Manila).
“We didn’t think twice about selling the GSIS property to SHFC…,” GSIS president and general manager Wick Veloso said, adding that the fund fully supports the goal of President Ferdinand Marcos Jr. to address the housing backlog in the country.
GSIS in May 2023 introduced a three-pronged strategy to help reduce the housing shortage in the country under the Pabahay Para sa Bagong Bayaning Manggagawa (PBBM) housing program.
The lease with option to buy (LWOB) program allows potential homeowners to acquire a GSIS property without an initial down payment where they can choose from 15,000 residential properties available nationwide.
The Housing Accounts Restructuring and Condonation Program (HARCP), which has been extended until 2025, also waives all outstanding penalties and surcharges and provides extended payment terms for eligible borrowers.
GSIS said it would also construct housing condominiums for government employees in its properties in Fairview, Quezon City and Cogeo, Antipolo. The payment plan is tailored based on the salary grades of government workers to make these homes more accessible.
Veloso said every Filipino deserves the basic right to safe, affordable and secure housing.
The Subdivision and Housing Developers Association earlier noted a backlog of 6.57 million housing units as of end-2022.
The Department of Human Settlements and Urban Development projected that the housing backlog could reach the 10-million mark by the end of the term of President Ferdinand Marcos Jr.