SENATOR Francis G. Escudero on Tuesday said existing real estate inventory should be tapped as part of broader efforts to create affordable housing amid efforts to make decent housing more accessible to Filipinos.
According to a statement, Mr. Escudero brought up the proposal during his Chiz Wiz! podcast over the weekend, where he was joined by Department of Human Settlements and Urban Development Undersecretary Marisol DL. Anenias and Colliers Philippines Research Director Joey Roi Bondoc.
Mr. Bondoc said the National Capital Region houses an estimated 80,000 unsold condominium units, many of which were originally intended for the Philippine offshore gaming operator market.
Excess units can be integrated into the expanded Pambansang Pabahay Para sa Pilipino Program to allow more families to acquire decent homes through existing residential infrastructure, the senator noted.
Alongside these efforts, Mr. Escudero said the government must also pursue measures lowering the overall cost of homeownership, encouraging productive use of existing housing inventory, and improving mass transit systems so Filipinos can live outside major urban centers while still accessing employment opportunities. — Francessca S. Abalos