PALAYAN CITY, Nueva Ecija --  State pension fund Government Service Insurance System President and General Manager Wick Veloso said that GSIS would launch a housing program for government employees next year.

The announcement was made by PGM Veloso following the signing of a memorandum of understanding (MOU) with the Department of Human Settlements and Urban Development (DHSUD) on Wednesday, December 22, which aims to help provide housing for over six million families nationwide, under the Pambansang Pabahay Para sa Pilipino Program.

Aside from GSIS, other signatories to the MOU included the Home Development Mutual Fund (PagIBIG Fund), the Social Security System, the Land Bank of the Philippines, and the Development Bank of the Philippines.

The MOU provides modes by which participating GFIs may support the government’s housing initiatives — by formulating or enhancing their own housing programs and developing housing projects and giving options to both the private sector and government employees to obtain ownership or rights to developed housing units.

Under the pabahay program, the award of the housing units will be in the form of lease rights for a maximum of 100 years. This means that the awardees will have the right to use and enjoy the housing unit as residence by paying only the monthly rental.

The sale of rights will only be granted to first time homebuyers, Pag-IBIG Fund members and minimum wage earners.

Veloso stressed this arrangement provides a safety net to unscrupulous individuals.

“GSIS will adopt the same for government employees the allocation for which will be based on the breakdown of our sectoral membership,” Veloso said.

 "We are firming up the structure and will have it approved by the Board in January next year."

"Sa pamamagitan ng pabahay para sa mga miyembro ng GSIS, mabibigyan natin ng dignidad ang mga bayani ng bansa: ang mga kawani ng pamahalaan,” the pension fund chief said. (GSIS)