MANILA — The Department of Human Settlements and Urban Development (DHSUD) stated that approximately 1.7 million jobs per year are anticipated to be generated under the six-year mass housing program of Marcos administration.
Human Settlements Secretary Jose Rizalino Acuzar said In a statement issued on Sunday that apart from the increase in cash flow in the housing sector market, the administration’s “Pambansang Pabahay Para sa Pilipino: Zero ISF (Informal Settler Family) 2028 Program” is also a big job generator.
“It is projected to have direct and indirect jobs in the sector especially in areas where mid-rise to high-rise units will be built,” Acuzar said.
According to its study, the DHSUD sees at least eight workers are needed to build a housing unit within a certain period.
The objective of the Pambansang Pabahay program is to construct one million housing units per year, or six million housing units by the end of President Marcos’ term in 2028.
The program was intended to alleviate the country’s housing backlog, which was projected to be roughly 6.5 million units by the end of 2022 and to increase to 10.9 million by the end of 2028.
According to the DHSUD, the significant number of jobs to be generated under the Pambansang Pabahay program will contribute to the attainment of the administration’s post-pandemic economic agenda, which includes creation of more jobs by promoting investments.
The Philippine Statistics Authority’s recent report showed that there are 2.68 million unemployed Filipinos aged 15 to 64 as of August 2022.
“With this (Pambansang Pabahay) program, we will also be tapping the economic pump-priming potentials of the housing sector,” Acuzar said.
Acuzar earlier called on the House of Representatives to provide a separate P36-billion allocation to fund the interest subsidy for the first one million housing units to be constructed next year under the program.
Acuzar stated that with the P36 billion interest subsidy, housing recipients will only be required to pay the principal and 1% of interest, while the government will cover the remaining interest.
The DHSUD has signed a memorandum of understanding with the Development Bank of the Philippines and gained the support of the Land Bank of the Philippines and several commercial banks for the financing aspect.
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