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GSIS sells Sta. Mesa property to SHFC for low-cost condo project

State workers pension fund Government Service Insurance System (GSIS) on Wednesday said it has sold its property in Sta. Mesa, Manila to give way for the construction of a high-rise condominium under the government’s low-cost housing Pambansang Pabahay Para sa Pilipino Program.

In a statement, the GSIS said it sold its 14,000-square meter Sta. Mesa property to SHFC for P258 million.

The sale would allow the SHFC to start building its housing projects for nearly 1,000 informal settler families living in critical zones, including members of the Ugnayang Lakas ng mga Apektadong Pamilya sa Baybaying Ilog Pasig at mga Tributaryo (ULAP-Manila).

“Katuwang po ninyo ang GSIS sa layunin na matugunan ang mungkahi ni Presidente Bongbong Marcos para sa pangangailangan ng pabahay sa ating bansa. Kaya naman, hindi po kami nag-atubili na ipagbili sa SHFC ang property sa Sta. Mesa upang maibahagi sa ating mga kababayan na nangangailangan ng pabahay," GSIS president and general manager Wick Veloso said in his message.

(The GSIS is your partner in addressing the goal of President Bongbong Marcos for the housing needs in our country. Therefore, we did not hesitate to sell to SHFC the property in Sta. Mesa so it could be shared to our countrymen who need houses.)

For his part, SHFC president and CEO Federico Laxa said, “Nagpapasalamat po ang SHFC sa GSIS sa mabilis nilang pagtugon upang mapirmahan na ang deed of sale sa lalong madaling panahon. Kailangang mabigyan na agad ng pabahay ang mga pamilyang nangangailangan nito (SHFC thanks the GSIS for its swift action for the immediate signing of the deed of sale. We need to immediately provide the housing needs of the concerned families).”

Under the Pabahay Program, each housing unit costs P1.2 million, with monthly amortization costing at least P3,500 per month.

The government is mulling over making this monthly amortization a graduated rate starting at P2,000 which will increase after five years.

Of the P1.2 million unit cost, the beneficiary will only pay P400,000, a loan that they will pay in 30 years to state-run Home Development Mutual Fund with 6% annual interest. The beneficiary will only pay 1% of such interest, with the remaining 5% subsidized by the government

The GSIS added that it has introduced in May a three-pronged strategy to help reduce the housing shortage in the country under the Pabahay Para sa Bagong Bayaning Manggagawa (PBBM) housing program.

Among these is the Lease with Option to Buy (LWOB) Program, which allows potential homeowners to acquire a GSIS property without an initial down payment wherein they can choose from 15,000 residential properties available nationwide.

The pension fund also introduced the Housing Accounts Restructuring and Condonation Program (HARCP) —extended until 2025— which waives all outstanding penalties and surcharges and provides extended payment terms for eligible borrowers.

In addition, the GSIS said it will construct housing condominiums for government employees in its properties in Fairview, Quezon City, and Cogeo, Antipolo.

The payment plan is tailored based on the salary grades of government workers to make the homes more accessible, it said.—AOL, GMA Integrated News