The Board of Investments (BOI) has approved a P10.18 billion project for low-cost housing in Tondo, Manila.
According to a government release, the project by Tondo Holdings Corporation (THC) falls under the Preferred List of Economic and Low-Cost Housing under Book I of Executive Order No. 226 or the Omnibus Investments Code of 1987. It also complies with the guidelines of the Investment Priorities Plan (IPP).
BOI managing head Ceferino Rodolfo said in the statement that the project was in line with the Duterte administration’s 10-point socio-economic agenda to help the lower income class through the creation of jobs and the affordable housing.
“This project will go a long way towards addressing the big demand for affordable housing among the rising middle class,” he said.
The “Urban Deca Homes Manila” project is expected to start in January.
It will transform 85,000 square meters of land in Vitas, Tondo, Manila, into 13 mid-rise buildings with a total capacity of 13,212 units.
The units offered, priced at P700,000 to P2 million each, include studios (22.95 sqm), 1 bedroom unit (27.42 sqm), and 2 bedroom units (32.18 sqm and 30.6 sqm).
The compound will have a community mall and a children’s playground.
According to the Housing and Urban Development Coordinating Council (HUDCC), the Philippines has a housing backlog of around 5.7 million units. It can reach 12.3 million units by 2030 if nothing will be done.
“The BOI for its part has approved 996 housing projects with an aggregate capacity of around 464,000 units as of October 2016. This represents 10.1% of the housing backlog for low-cost housing between 2001 to 2015,” Rodolfo said.
The trade undersecretary encouraged property developers to help produce more affordable housing units. CBB/rga