Tuesday, January 20, 2015

HOUSING SECTOR INJECTS P200M TO ECONOMY AND GENERATES 3.5M JOBS

HOUSING SECTOR INJECTS P200M TO ECONOMY AND GENERATES 3.5M JOBS

Since the assumption of Vice President Jejomar C. Binay as chairman of the Housing and Urban Development Coordinating Council (HUDCC), the housing sector has injected some P200 million into the economy and generated more than 3.5 million jobs.

In its 2014 Mid-Year Report, the Office of the Vice President said the consolidated housing production of the key shelter agencies under HUDCC from July 2010 to June 2014, totaling 581,959 housing units, has generated 3,534,281 jobs.

The figure is computed based on the assumption that a complete house construction will require 8.3 persons working for three weeks, while the development of sites for resettlement or improvement of sites will require five persons working per lot.

With Binay as the chairman of the Home Development Mutual Fund (Pag-IBIG Fund) Board of Trustees, the agency earned P50.75 billion from 2010 to 2013, surpassing the P50.3 billion earned over five years in 2004-2009.

Despite retaining the minimum contribution, Pag-IBIG Fund also posted a record net income of P14.44 billion in 2013.

Staying true to the promise of increasing membership, Pag-IBIG, under Binay’s leadership, increased its membership to 14 million in May 2014 from 8.19 million in 2010, or a 5.82 million increase.

The housing sector under Binay’s helm also scored a major victory when Globe Asiatique owner Delfin Lee was finally apprehended by Task Force Tugis in March 2014.

The President earlier placed a P2-million bounty on Lee’s head.

Lee is currently detained at the Pampanga provincial jail on charges of syndicated estafa, with the Department of Justice also conducting preliminary investigations on two more batches of similar complaints against the developer.

“Members of Pag-IBIG, especially those defrauded in the Globe Asiatique scam, can rest assured that we will fight any and all efforts to release Lee. We will make sure that Lee and his cohorts will be punished for their crime, and the victims will be given the justice they deserve,” Binay said following Lee’s arrest.

The Vice President had previously ordered the filing of syndicated estafa charges against Lee and several others after an investigation, which Binay ordered, revealed that Lee had used fake documents and ghost borrowers to secure some P7 billion in loans from Pag-IBIG.

Pag-IBIG cancelled its contract with the Globe Asiatique following the housing agency’s discovery of the alleged ghost buyers. /MP

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