Developer P.A. Properties on Wednesday unveiled a strategic plan to develop 25 projects within the next five years with an estimated combined revenue of P25 billion.
P.A. Properties chairman Romarico Alvarez said the projects would help narrow the current housing backlog in the Philippines.
“The current housing backlog stands at over 5.9 million countrywide, with socialized and economic housing accounting for the bulk of this requirement. As a result, prevalence of informal settlements that lack basic infrastructure and sustainable service has increased significantly across most towns and cities,” he said.
The socialized housing segment has a backlog of 3,032,351 units while the economic housing segment has 2,588,897.
“The government needs to develop the synergies and participation of all stakeholders, including the private sector, employers, citizens and development partners in the provision of shelter,” said Alvarez.