DBM releases P1 billion for relocation
MANILA, Philippines - The Department of Budget and Management (DBM) released P1 billion in funds to support relocation projects for informal settlers in Metro Manila and around the country.
According to the DBM, the funds would go the Social Housing Finance Corporation (SHFC) to support land tenureship loans to families under the government's Community Mortgage Financing (CMF) initiative.
“Now that we're in the middle of the rainy season, it's even more important to inject funds into programs that will enhance our pre-disaster management initiatives," said Budget Secretary Florencio Abad.
The fund release--made in July and representing the CMF's FY 2013 allocation under the General Appropriations Act--will cover loans for 175 projects under the SHFC's Community Mortgage Program (CMP).
The projects are expected to benefit 19,953 poor households and informal settler families.
"Besides relocating poor families--particularly those in flood-prone or high-risk areas--this fund release will also allow SHFC to give poor families the opportunity to secure their own property,” added Abad.
In 2012, SHFC financed 100 projects where 9,287 informal settler families were provided housing assistance with a total loan take out of P549 million.
The SHFC, a subsidiary of the National Home Mortgage Finance Corporation, facilitates social housing programs and provides assistance to organized informal settlers to secure land tenureship through the CMP.