PHILIPPINE GOVT PROVIDES US$9.5 MLN FOR HOUSING PROGRAM, JAN-OCT.

MANILA, Jan 1 Asia Pulse - The year 2003 saw the Macapagal-Arroyo administration achieving significant milestones in its mass housing program.

Under the stewardship of President Gloria Macapagal-Arroyo, during the10-month period covering January to October this year, the government released a total of P529.4 million (US$9.5 million) in housing loans secured by 12,247 urban poor families under the Community Mortgage Program (CMP) .

Secretary Michael Defensor, chairman of the Housing and Urban Development Coordinating Council (HUDCC), said the figure (P529.4 million) was the "highest loan level" registered during the 15-year implementation of the urban home financing program.

The January to October CMP loan take-outs reported by the National Home Mortgage Finance Corp., an agency operating under the HUDCC, also boosted the share of squatter families (also called informal settlers) to a total of P1.34 billion.

During this period, a total of 33,660 urban poor families were granted housing loans, bringing the total number of beneficiaries to 138,871 since the program was launched in 1989. President Macapagal-Arroyo also ordered the release of P900 million for CMP housing loans.

To give added momentum to the housing program, the House of Representatives has earmarked P500 million for CMP loans in 2004.

From January 2001 when President Macapagal-Arroyo took over the reins of government up to Aug. 2003, the government has allocated a total of P42.56 billion for housing, providing decent homes to 667,551 families.