Marcos tasks gov't financial institutions, private banks to help in addressing housing backlog

President Ferdinand "Bongbong" Marcos Jr. has called on government financial institutions as well as private banks to establish a system that will help in addressing an estimated 6.5 million housing backlog.

Marcos made the call during his meeting with Department of Human Settlements and Urban Development (DHSUD) Secretary Jose Acuzar, Bangko Sentral ng Pilipinas (BSP) Governor Felipe Medalla, and chiefs of the Bureau of Treasury, Pag-IBIG, Government Service Insurance System (GSIS), Philippine National Bank (PNB), and Land Bank of the Philippines on Wednesday.

He said a system is needed to find the country's cash flow that will support the housing program and incentivize private entities that will take part in the building and financing aspects.

“I think we can, there should be sufficient incentives… [an] arrangement for the private banks to come in,” Marcos said in a press release issued Thursday.

Meanwhile, the DHSUD chief said the agency is eyeing to create one million houses per year or a total of six million houses by the end of Marcos' term. Acuzar is optimistic that this is feasible by building in-city, mix-use residential hubs to cater to minimum-wage earners and middle-class families.

He said the program would need P36 billion a year for the next six years in cooperation with private lending institutions.

Acuzar said the housing program is vital in tapping the "big economic pump-priming potential of the housing industry."

He also said the DHSUD has already identified potential areas for the development of settlements and townships.—AOL, GMA News