Romualdez: P10-B set aside in next budget for housing interest subsidy

MANILA, Philippines — House of Representatives Speaker Ferdinand Martin Romualdez has assured the public that P10 billion would be initially set aside in next year’s budget, to cover the interest payments of socialized housing beneficiaries.

In an interview with reporters on Tuesday, after House officials inspected the housing project in San Mateo, Rizal, Romualdez said that they are optimistic about having funds for the interest subsidies.

Under the socialized housing program of President Ferdinand Marcos Jr.’s administration, minimum wage earners are allowed to take up housing loans for units provided by the Department of Human Settlements and Urban Development (DHSUD).  However, since bank interest payments may be high, many beneficiaries request that interests be shouldered by the government.

“So initially ang kalkula natin as an initial for (subsidies is) at least P10 billion. Mukhang makukuha din natin yan kasi we’re hoping that… nakikita mo naman, taon taon naman lumalaki naman ang ating budget and appropriations,” Romualdez told reporters.

(So initially our calculations as an initial, for the subsidies is at least P10 billion. It seems we can easily avail that… because as you can see, the budget increases yearly.)

“We shall prioritize this para masuportahan talaga itong housing program ng ating Pangulo, dito sa legacy housing project.  So we think that with the P10 billion interest subsidy we can set that aside for this particular priority program,” he added.

(We shall prioritize this so that we can support this housing program of our President, here at the legacy housing project.  So we think that with the P10 billion interest subsidy we can set that aside for this particular priority program.)

READ: Marcos eyeing construction of more housing units 

In his speech after the inspection of the San Mateo housing site, Romualdez said he was conferring with House committee on appropriations chairperson and Ako Bicol party-list Rep. Elizaldy Co and Housing Secretary Jerry Acuzar about how much was needed to shoulder the interest payments of beneficiaries.

Romualdez also assured that while he is Speaker of the House, the interest subsidies will be part of the national budget.

“Kaya ‘yong sinasabi nga namin kanina — baka nakita mo nagbubulungan kami dito eh — tinanong ko talaga kay Secretary (Acuzar) ano ba talaga ‘yong kailangan natin dito, sinabi niya talaga, ‘yong susi talaga dito sa success na long-term ‘yong subsidy sa interest.  Kaya nagbubulungan kami ni Cong Zaldy eh, sabi niya sa umpisa mga P10 billion, P20 billion habang dumadami,” Romualdez said.

(I was saying earlier — maybe you saw us whispering — I asked Secretary (Acuzar) as to how much we need, he said the key to the long-term success of the program is a subsidy on the interest.  That’s why I and Cong. Zaldy were talking about this, as he (Acuzar) said it may start at P10 billion, and then P20 billion as it increases.)

“Pero ito lang ang masasabi ko sa’yo.  Habang Speaker ako, committed ko na ‘yan, ito po ang ambisyon ng ating mahal na presidente, kayang-kaya naman eh, nandito talaga ‘yong […] sinasabi ni Presidente na whole-of-government approach, basta sama-sama tayo, ayan nagkakaisa tayo,” he added.

(But this is what I can say.  As long as I am Speaker, that is committed already, because this is the ambition of our beloved President, we can do that, that is really the whole-of-government approach, as long as we are united, we can achieve things.)

Patience

In his speech also, Romualdez also appealed for patience regarding the administration’s ambitious goal of establishing six million houses for the poor within Marcos’ term, as it may take some time.

READ: Palace: 30M Filipinos to benefit from Marcos admin’s 6-year housing program 

However, he assured the public that there is progress with the 4PH or the Pambansang Pabahay Para sa Pilipino Housing Program — just like what has happened in San Mateo where units are starting to take shape.

“We can see that as long as we are here, we can do anything, like this vision of our President to give housing to all Filipinos even those in need, so that we can address the concerns of six million housing units lacking […] we are targeting an average of one million housing a year, we can do that but at first we may feel that nothing is happening because there is planning, site identification, and the laying of the foundation,” he said.

“But now we can see that this is not purely a plan, it is no longer just a vision, it is happening already […] that’s why I am happy because we can see the capsules or the ground-breaking ceremonies a while ago, but now it is standing,” he added.

According to Romualdez, there will be 55 housing locations within and near Metro Manila, with the goal of providing 170,000 units across the National Capital Region.

San Mateo Mayor Bartolome Rivera Jr. meanwhile thanked the government for placing one of the first 4PH projects in their town.  Rivera said the first building is 67 percent complete, and the next five buildings’ foundations are being erected.

There would be 10 buildings in the compound located at San Mateo’s Guitnang Bayan II.

“We are fortunate that we are writing an important part of San Mateo’s history, it is of great pleasure that our House Speaker Romualdez and the DHSUD and Pag-IBIG Fund leadership visited us, as this is an attainment of our people’s dreams to have decent living spaces,” Rivera said.

“It all happened so quick, it was in October 2023 when our good secretary and the CEO of Pag-IBIG visited to sign the memorandum of agreement for the project under the the 4PH program. And now, June 2024, we see that 67 percent of the first building has been done, and five other buildings are being started,” he added.