HDMF-financed housing projects dropped by 30%

Construction of housing facilities financed by the Home Development and Mutual Fund declined by 30 percent early this year primarily because of the increasing demand from overseas foreign workers for residential properties without financial assistance from HDMF or Pag-ibig.

From January to June this year, only a total of 411 units were built under HDMF financing. This means the demand went down by one-third, considering that 586 houses were built for the same period last year, according to the National Economic Development Authority-7.

The NEDA-7 report added that the number of HDMF-financed projects in the second quarter of this year is 33 units less than the number of new houses financed by HDMF during the first quarter of 2006.

The data which NEDA-7 secured from the HDMF showed that among four provinces in the region, Cebu has the most number of housing units built in 2006 with 378 units, followed by Bohol with 17 and Oriental Negros with 16; while no HDMF-funded housing project was implemented in Siquijor in 2005 until this year.

Last year, 538 HDMF-financed projects were implemented in Cebu, nine in Bohol and 39 in Oriental Negros.

NEDA-7 also added that the 411 houses built and financed by HDMF in the second quarter of 2006 were valued at P210 million. The output was below the target for the quarter by 39 percent.

Among the provinces in the region, Bohol saw an increase in the number of houses built from previous year's level. Still, the province of Bohol fell short of the target for the quarter by 23 percent. - Wenna A. Berondo