QUEZON CITY -- Developers and contractors accredited by the Social Housing Finance Corporation (SHFC) can soon avail of financing from the Development Bank of the Philippines (DBP) under the new credit scheme established by the two government institutions.

This came after SHFC President Atty. Arnolfo Ricardo Cabling and DBP President and Chief Executive Officer Emmanuel Herbosa signed a memorandum of agreement for the creation of the “DBP Credit Facility for SHFC Accredited Contractors and Developers” on December 13 in Makati City. 

Under the scheme, accredited developers and contractors can apply for a loan with DBP to fast-track and scale up the construction of socialized housing projects, particularly those classified under SHFC’s Turnkey Community Mortgage Program (CMP).

“There is more to be done to put a significant dent in the housing backlog. We acknowledge that it is an important but daunting task. It is very complex that we cannot solve it on our own,” Cabling said. “That is why we are very excited to work with a new and valuable partner today in the Development Bank of the Philippines. Together, we will surely contribute more to genuine development.”

The CMP aims to improve the living conditions of underprivileged families by giving them an affordable financing scheme wherein they can borrow as a community to buy the land they occupy or would like to relocate to. To date, it has provided security of tenure to about 380,000 families through approximately P18.8 billion in loan assistance.  

SHFC is the lead agency assisting underprivileged communities to secure land tenure through shelter financing and development solutions by Building Adequate, Livable, Affordable, and Inclusive (BALAI) Filipino communities. For more info, call (+632) 7750-6337 or visit www.shfc.dhsud.gov.ph. (SHFC)