The government will craft a nationwide strategy for micro financing housing projects in the country to provide more Filipino families with affordable and sustainable living.
The Department of Human Settlements and Urban Development (DHSUD) will roll out an Inclusive Green Housing Microfinance (IGHM) program to give low-income families access to credit to buy climate-resilient homes.
DHSUD will consult with financial institutions and private developers to formulate long-term goals and targets. This is in partnership with Manila-based Asian Development Bank (ADB) and international consulting firm GlobalWorks.
DHSUD Secretary Eduardo del Rosario emphasized that affordability remains a major block to home ownership for many Filipinos who fall below the poverty line amid high prices of land, especially in urban areas.
“We are committed to finding alternative means such as housing microfinance to help them afford their dream home,” del Rosario said.
Stakeholders will discuss major findings from the assessment of existing housing microfinance programs around the country.
They will also identify innovative solutions to challenges of existing housing microfinance operators and analyze green housing features of existing housing microfinance products.
Further, stakeholders will tackle the effective participation of the private sector developers in the provision of affordable green housing supply, the establishment of an apex financing facility for green housing microfinance, and the capacity building requirements to boost expansion in the Philippines.
The planned roadmap is aligned with the 2021 agenda of the National Human Settlements Board which focuses on the pursuit of policy reforms to accelerate housing microfinance as a primary pro-poor housing finance strategy in recognition of the need to provide alternative housing solutions to low-income households.
Stakeholders included are Microfinance Council of the Philippines, Alliance of Philippine Partners in Enterprise Development, ASA Philippines Foundation, Kasagana-Ka Cooperative, Habitat for Humanity, Organization of Socialized and Economic Housing Developers of the Philippines, and Socialized Housing Developers Association, among others.