MANILA, Philippines — The Home Development Mutual Fund or Pag-IBIG Fund has expressed support for the government’s Balik Probinsya, Bagong Pag-asa (BP2) program.
At a recent online forum, Pag-IBIG Fund chief executive officer Acmad Rizaldy Moti said the agency would cover mortgages of low-income members so long as their private developer partners provide good quality low cost housing especially in the provinces.
Sen. Bong Go, who first proposed the BP2 program, welcomed the support and “their continuing commitment to the poorest members of our society.”
“With decent housing, many Filipino families and communities can live and prosper with dignity,” Go said.
President Duterte issued Executive Order 114 last May 6 institutionalizing the program and creating an inter-agency council that would craft and oversee the implementation of policies and programs. The BP2 aims in the long run to encourage residents of Metro Manila and businesses to settle and invest in regions outside the capital.
Go said the program is crucial in tackling the worsening conditions of the urban poor who are greatly affected during a pandemic, adding that the informal settler families (ISF) could be provided better opportunities outside Metro Manila.
“Our main goal is to give them good jobs, education, housing, and other forms of support from the national and local government so they can rise from poverty if they choose to return to their provinces,” he added.
A survey conducted by the Presidential Commission for the Urban Poor shows that many ISFs are willing to return to the provinces. As of May 30, 2020, almost 74,000 Filipinos have applied for the BP2 program. The commission expects more ISFs applying once the program is fully implemented.
Presently, the Philippine housing demand outstrips supply. The Pag-IBIG fund has allotted P10 billion for low-cost housing projects in 2020.
In June 2019, Go filed the “National Housing Development, Production and Financing Act of 2019” which shall provide urban poor populations and informal settlers with decent homes as well as create a long-term socialized housing plan in the country.