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The Marcos administration’s “Pambansang Pabahay para sa Pilipino: Zero ISF 2028” program is expected to generate about 1.7 million jobs for Filipinos, according to a report by Philippine News Agency.
Department of Human Settlements and Urban Development (DHSUD) Secretary Jose Rizalino Acuzar said the jobs would be created annually when the program goes full blast with the construction of housing units.
“It is projected to have direct and indirect jobs in the sector especially in areas where mid-rise to high-rise units will be built," Acuzar said in a news release on Sunday.
Data from the Philippine Statistics Authority showed that there are 2.68 million unemployed Filipinos aged 15 to 64 years old as of August this year.
Citing government studies, the DHSUD said at least eight workers are needed in the construction of a housing unit within a certain period.
The national housing program aims to provide shelters for over six million families in six years, or a million housing units per year until 2028.
To accelerate production and reduce reliance on the General Appropriations Act, funding for the housing program will go directly to interest support for beneficiaries.
The DHSUD seeks PHP36 billion interest support per year and calls for the active involvement of both government and commercial banks in the financing side.
"With this program, we will also be tapping the economic pump-priming potentials of the housing sector," Acuzar said.
To date, DHSUD has signed a memorandum of understanding with the Development Bank of the Philippines and has engaged other government financial institutions, including private banks.
Several local government units have started rolling out their housing projects.
The DHSUD job creation will contribute to post-pandemic recovery efforts and advance the government’s eight-point socioeconomic agenda.
The agenda aims to bring down poverty to 9 percent by the end of President Ferdinand Marcos Jr.’s six-year term and bring the Philippines to “upper-middle income” status.