As the government vows to address the country’s housing backlog, state-run pension fund Government Service Insurance System (GSIS), has partnered with the Lucio Tan-owned Philippine National Bank (PNB) and real estate firm P.A. Alvarez Properties and Development Corporation (P.A. Properties), to facilitate the construction of affordable housing for Filipinos.
During the signing ceremony at the GSIS Head Office in Pasay on Tuesday, April 2, GSIS president and general manager Wick Veloso highlighted the project’s synergy with the government’s Bagong Pilipinas’ vision of fulfilling the dreams and aspirations of every Filipino, particularly the fundamental need for a home.
“Our partnership with P.A. Properties whose advanced construction technology will help boost the country’s housing supply, is more than just a financial venture for the GSIS. It’s a significant step towards nation-building,” Veloso said.
The agreement outlines the establishment of a P900 million and a P300 million notes facility by GSIS and PNB, respectively, for P.A. Properties.
These funds will support P.A. Properties in land banking, acquisition, development, and expansion plans aimed at increasing affordable housing availability.
PNB president Florido Casuela also shared the bank’s enthusiasm for the venture, noting its strategic plan to bolster housing project investments.
With its 30-year track record in developing affordable housing, P.A. Properties has already built over 20,000 units in strategic locations across the Philippines.
With the support from the GSIS and the PNB, P.A. Properties aims to construct 20 additional housing communities to help reduce the national housing backlog estimated at 6.5 million units.
Romarico Alvarez, chairman of P.A. Properties, expressed gratitude for the support from GSIS and PNB.
“This partnership empowers us to significantly boost our housing production, moving us closer to our goal of providing sustainable, affordable housing to more Filipinos,” Alvarez said.
The GSIS is a staunch supporter of the government’s housing initiatives, launching three programs under the Pabahay sa Bagong Bayaning Manggagawa (PBBM).
These include the Lease with Option to Buy (LWOB) program, offering GSIS’s 13,000 residential properties nationwide either for lease or sale without downpayment, and the Housing Accounts Restructuring and Condonation Program (HARCP), which assists GSIS housing loan borrowers in regularizing their accounts. In addition, GSIS is planning the construction of new low-cost housing units for government workers, in Quezon City and Antipolo.
