MANILA: President Ferdinand R. Marcos Jr. on Tuesday ordered an adjustment to the target of building six million housing units by the end of his term in 2028.
In a Facebook post, Marcos said the new housing target should be based on ‘need and demand’.
‘To ensure that the Pambansang Pabahay Para sa Pilipino (4PH) Program is successful and sustainable, I have directed the concerned agencies to adjust housing targets based on need and demand until 2028,’ he said.
‘Consequently, this allows us to assess our government’s capacity to provide guarantees and interest subsidies in our social development programs,’ Marcos added.
The President held a sectoral meeting with officials of the Department of Human Settlements and Urban Development (DHSUD) at Malacañan Palace in Manila on Tuesday afternoon to discuss the proposed sovereign guarantee to implement the 4PH Program.
In June, the DHSUD asked for a funding guarantee for the 4PH Program to increase the confidence of government financial institutions in supportin
g it and attract the participation of private banks and institutions.
The 4PH Program, launched in Sept. 2022, aims to address the country’s 6.5 million housing backlog by building one million units annually until 2028.
DHSUD Secretary Jose Rizalino Acuzar said the government slashed by half its target for 4PH Program to just three million units from the original six million units.
Source: Philippines News Agency