1.7M jobs annually seen under PBBM’s housing program

1.7M jobs annually seen under PBBM’s housing program

By Arwen Pascua

MANILA — About 1.7 million jobs per year would be generated under President Ferdinand “Bongbong” R. Marcos Jr.’s six-year Pambansang Pabahay para sa Pilipino: Zero ISF 2028 Program.

Department of Human Settlements and Urban Development (DHSUD) Secretary Jose Rizalino Acuzar said that other than the increase of cash flow in the housing sector market, the housing program will also provide employment to many jobless Filipinos.

“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,” Secretary Acuzar emphasized.

The DHSUD projected that about 1.7 million jobs would be created annually when the Pambansang Pabahay para sa Pilipino: Zero ISF 2028 Program goes full blast with the construction of housing units.

A study showed that at least 8 workers are necessary for the construction of a housing unit within a certain period. The Pambansang Pabahay para sa Pilipino:Zero ISF 2028 Program is aiming to build 1 million units per year in the next 6 years.

The significant number of jobs is seen to contribute to the administration’s post-pandemic recovery efforts and in furtherance of the 8-point economic agenda of the Marcos administration, according to DHSUD.

As of August 2022, the Philippine Statistics Authority reported 2.68 million unemployed Filipinos aged 15 to 64 years old.

In June 2022, President Marcos Jr.’s economic team, led by Finance Secretary Benjamin Diokno, presented the 8-point socioeconomic agenda in the near and medium-term which includes the creation of more jobs by promoting investments.

Under the program, the DHSUD seeks P36 billion in 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,” added Secretary Acuzar.

So far, DHSUD has signed a memorandum of understanding with the Development Bank of the Philippines and has engaged other government financial institutions and even private banks.

Some GFIs have expressed readiness to support PBBM’s priority housing program as several local government units had already broken ground to roll out their respective housing projects. (ai/mtvn)

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