PBBM’s housing promise soon to break ground in Subic Freeport

Some 1,300 employees of the Subic Bay Metropolitan Authority may soon be able to live in their own homes inside Subic Bay Freeport as part of President Ferdinand “Bongbong” Marcos Jr.’s campaign to build one million houses per year until 2028 to reduce the backlog in housing through the Pambansang Pabahay Para sa Pilipino Housing (4PH) Program. 

This, after the Department of Human Settlements and Urban Development (DHSUD) and the Subic Bay Metropolitan Authority (SBMA) signed a memorandum of agreement (MOA) to develop a housing project for SBMA employees. 

Under the Marcos administration’s Philippine Development Plan 2023-2028, the government will mobilize private sector and government resources to meet the country’s housing needs. 

The DHSUD will target the financing of one million housing units annually to narrow the housing deficit. 

This will require the mobilization of substantial financial resources from national and local governments, as well as government financing institutions and private banks, with whom the government will engage to increase their participation in the housing sector through their development loans, homeowners lending programs, and real estate mortgages. 

"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,” President Marcos Jr. said. 

Consequently, this allows us to assess our government’s capacity to provide guarantees and interest subsidies in our social development programs,” he added. 

The Socialized Housing Program of the SBMA will cost P2 billion and is set to be constructed at lot 70-B Rizal Highway Extension at the Central Business District of the Subic Bay Freeport Zone (SBFZ). 

In a sectoral meeting with officials of the DHSUD, Pres. Marcos said the national housing thrust must be sustained to address the country’s shelter gap. 

He said that while the program is quite ambitious, the housing program will create a positive impact on the national economy. 

“Even the effect on the economy is going to be terrific if we are able to do this and that’s why it’s necessary. We have to do this. We have to find a way to do this. We have to be a little creative,” Pres. Marcos added. 

The DHSUD is leading the implementation of 4PH, which aims to address the 6.5 million housing backlog in the country. (Radyo Pilipinas)