GSIS to launch housing program for gov’t employees next year

The Government Service Insurance System (GSIS) on Wednesday announced it would launch a housing program for state workers next year.

In a news release, the state workers' pension fund said it signed a memorandum of understanding (MOU) with the Department of Human Settlements and Urban Development (DHSUD) on December 21.

The MOU aims to help provide housing for over six million families nationwide under the Pambansang Pabahay Para sa Pilipino Program, according to the GSIS.

Other signatories to the accord are the Home Development Mutual Fund or Pag-IBIG Fund, the Social Security System (SSS), Land Bank of the Philippines, and the Development Bank of the Philippines.

The GSIS said the MOU provides modes by which participating government financial institutions may support the government’s housing initiatives—by formulating or enhancing their own housing programs, developing housing projects, and giving options to both the private sector and government employees to obtain ownership or rights to developed housing units.

Under the program, the award of the housing units will be in the form of lease rights for a maximum of 100 years. 

This means that the awardees will have the right to use and enjoy the housing unit as their residence by paying only the monthly rental.

The sale of rights will only be granted to first-time homebuyers, Pag-IBIG Fund members, and minimum wage earners.

GSIS president and general manager Wick Veloso said the arrangement provides a safety net to unscrupulous individuals.

"GSIS will adopt the same for government employees, the allocation for which will be based on the breakdown of our sectoral membership," said Veloso.

 "We are firming up the structure and will have it approved by the Board in January next year." —VBL, GMA Integrated News