FILE PHOTO
MANILA, Philippines — The local government of Parañaque on Sunday acquired P67 million worth of property, which is set to be distributed to 282 families.
This came after Parañaque City Mayor Eric Olivarez signed a memorandum of agreement (MOA) which effectively purchased a 4,772 square-meter property at 1st Street Village Extension in Barangay Sto. Niño.
“This acquisition will benefit 282 families who will pay for their lots in 30 years for less than P1,000 monthly installments,” said Olivarez.
According to Olivarez, the move is part of the city’s socialized housing program, which aims to allow the poor to own houses and lots.
The City Council, Vice Mayor Joan Villafuerte, signed the MOA with the property owner and officials of the 1st Street Village Extension Neighborhood Association.
“After they are awarded the lot titles, the neighborhood association will cease to exist, and it will formally become a homeowners’ association,” Olivarez said.
“This will be the culmination of their dreams to have their own houses and lots,” he added.
The city has been acquiring and distributing lots for poor constituents in partnership with the Social Housing Finance Corporation through the Local Housing Development Office and the Urban Mission Areas Development Office.