00:00The president's approval of a fast-tracking measure to speed up construction of housing units
00:05under the Pambansang Pabahay para sa Pilipino program, or 4PH,
00:09translates to even lower housing costs as a result of increased government subsidy
00:14to supplement private sector financing.
00:17In addition, this presidential intervention that underwrites construction costs
00:22also negates developers, agents, and brokers in the mix that bodes well for greater affordability.
00:29Our Joshua Garcia tells us more on this sovereign guarantee directive
00:33that the president inked and issued.
00:38The Department of Human Settlements and Urban Development has excluded private developers
00:42in the Pambansang Pabahay para sa Pilipino, also known as the 4PH program.
00:46This to fully utilize the funds to be borrowed from the private sector
00:49and to lower the costs of the housing units to be constructed.
00:59In connection to this, President Ferdinand R. Marcos, Jr. approved the DSUD's request
01:16for a sovereign guarantee to expedite housing construction, aiming for 1.2 million units by 2028.
01:22The agency hopes to reach 3.2 million units, depending on availability of government subsidies.
01:27President Marcos, Jr. also mandated that housing under the 4PH program
01:31be affordable and of good quality to ensure thriving communities.
01:52The latest DSUD data show over 50 projects are underway,
01:56primarily funded by private sources.
01:58A sovereign guarantee will aid in obtaining developmental loans
02:01and subsidies to reduce amortization or monthly mortgage payments.
02:04Approximately 12,000 units are set to be distributed this year,
02:08with 162,381 units under construction and land development nationwide.
