Gov’t needs P1.7T to fill housing lack, says Binay

LEGAZPI CITY—Vice President and housing czar Jejomar Binay on Tuesday said the government has to spend P1.7 trillion to address the housing needs of homeless Filipinos.

Binay, chair of the Housing and Urban Development Coordinating Council, said the big amount would be needed to fill the country’s 3.7 million housing backlog.

He said the problem persists as funds available for this sector is still insufficient to meet current housing demands.

In Bicol, the housing backlog is 320,000 units spread over six provinces.

Binay said at a press conference here that his agency is operating on a P60-million budget this year.

When asked how the housing sector contributes to the country’s economic growth, Binay said the sector had infused billions of investment funds that fairly pushed the economy.

He said the sector also gave its share in job generation, citing statistics that eight jobs are created for every housing unit developed.

Binay said that under President Aquino, around P4 billion was spent for the construction of an estimated 21,800 units for members of the Armed Forces of the Philippines and the Philippine National Police.

Another P4 billion is earmarked next year for the construction of houses for thousands of homeless military and police personnel, he said.