The Philippines is currently facing huge challenges in housing. Several administrations have tried to solve the housing backlog but it seems the unmet demand is getting bigger and bigger.
As of today, the backlog of socialized and economic housing in the Philippines is around 6.5 million units.
This is expected to increase at a rate of around five percent every year.
I believe there is an urgent need for the Philippines to fill this gap and provide affordable housing for a huge number of people that are in the market for proper housing.
The introduction of the economic housing segment is one of the solutions to the housing problem.
Fortunately, the Marcos administration has already highlighted the importance of providing houses to this market segment. In fact, I am supportive of the target of the Marcos administration of building six million housing units in six years.
Collaboration with the private sector
In order for the Philippines to succeed and satisfy this market, there must be collaboration between the government and the private sector as the housing challenge is a colossal undertaking.
Furthermore, addressing the housing challenge requires a multidisciplinary approach that covers the political, social, economic, cultural, education and engineering disciplines.
Providing affordable homes is just one part of the complex puzzle. The planners must make the housing units accessible in terms of location and must be affordable in terms of payments schemes.
To make the program succeed, the banks, Pag-IBIG, developers and the local government units must work together to provide proper housing in a short time.
Driver of economic growth
The development of socialized and economic houses can work as a driver for the economy above all in emerging locations.
As we know, real estate has a huge multiplier effect. Several jobs will be created and the economy will be revitalized.
In ItalPinas Development Corp, we have already proven that it is possible to provide sustainable green houses at an accessible price in emerging cities. In the future, we intend to provide green developments to the socialized and economic sectors in emerging cities.
We are currently developing an Economic Housing Project in CDO and the positive reaction of the market exceeded expectations.
It is our goal to provide beautiful and sustainable products to these markets at an accessible price without compromising quality or style.
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