Categorie: Emerging Markets
Submitted 7 months ago by
Lovephileo
, WEB CONSULTANT / PASTOR
at LIGHT OF THE WORLD CHRISTIAN CENTER
Good News! LOW-INCOME earners may now take advantage of affordable housing loan product in the Philippines. This was made possible after the Philippine central bank, Banko Sentral ng Pilipinas (BSP) and Housing and Urban Development Coordinating Council (HUDCC) sealed an agreement to implement the housing microfinance program.Under the terms of agreement, the implementation of the housing microfinance program will initially be patterned on the designed framework of the Development of Poor Urban Communities Sector Project, a government social housing and community development program being executed jointly by HUDCC and Development Bank of the Philippines (DBP). Asian Development Bank, also provided technical assistance as well as $30 million in cocessional loan for the development of the program.The housing microfinance program allows poor households to avail of housing loans in small loanable amounts, higher frequency of payments to make the loan product much more affordable and less documentation requirements.Here's the deal. The program offers a maximum loanable amount of Php150,000.00 for home improvement and repair and Php300,000.00 for house and lot acquisition. The program also provides incentives to encourage banks to participate. Participation in the program can serve as alternative compliance to the mandatory credit allocation to agrarian reform and agricultural activities as required by a presidential decree. Banks cal also us...
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Submitted 7 months ago by
Lovephileo
, WEB CONSULTANT / PASTOR
at LIGHT OF THE WORLD CHRISTIAN CENTER
3 comments ↓
WEB CONSULTANT / PASTOR at LIGHT OF THE WORLD CHRISTIAN CENTER