The largest umbrella organization of developers, formed under Philippine law, The Chamber of Real Estate and Builder's Association Inc. (CREBA) issued that up to P220 billion in funds is available for low-cost housing.
CREBA's national chairman, Charlie Gorayeb, emphasized the pressing need to remedy the country's housing backlog, currently at 5.5 million.
"We need to address the 5.5 million housing backlog now and build at least 10 million housing units by 2025 because the problematic housing situation is already bearing heavily on our people’s economic and social growth,” said Gorayeb.
Presently, CREBA is pushing for an amendment to Republic Act 7835, dubbed the Comprehensive and Integrated Shelter Finance Act (CISFA) of 1994. CREBA's proposed measure involves a "securitization mechanism" that prioritizes economic housing for the low-income sector and the marginalized.
Section 11(b) of the Act states that non-budgetary funding sources, from banks, can be used in the annual housing budget. To this end, CREBA is looking to set in motion a Centralized Home Financing Program (CHFP) with annual investment bonds worth P25 billion from SSS and GSIS each, P70 billion from Pag-IBIG, and P100 billion from unused agri-agra funds of various banks. Use of the funds will be based on guidelines provided by the Bangko Sentral in memorandum circular 190, issued in 1999.
As long as they don't have an outstanding government housing loan, all Filipino working citizens are qualified to apply for a loan under the CHFP, regardless of whether they're members of SSS, GSIS, or Pag-IBIG, according to CREBA national president Noel Toti Carino.