THE Government Service Insurance System (GSIS) said it has signed an agreement that will allow it to offer its members a housing program next year by participating in a broader government program that aims to provide 6 million homes.
GSIS President and General Manager Jose Arnulfo A. Veloso said the pension fund for public servants signed a memorandum of understanding (MoU) with the Department of Human Settlements and Urban Development on Dec. 21.
The GSIS effectively joins the Pambansang Pabahay Para sa Pilipino Program, the government initiative with the 6 million-home target.
“GSIS will adopt the same for government employees the allocation for which will be based on the breakdown of our sectoral membership,” Mr. Veloso said.
“We are firming up the structure and will have it approved by the Board in January,” Mr. Veloso said.
Under the Pambansang Pabahay program, awards will take the form of lease rights for about 100 years, with residents charged monthly rent.
Eligible for lease rights are first-time homebuyers, Pag-IBIG Fund members, and minimum wage earners.
Other signatories to the MoU involved the Home Development Mutual Fund (Pag-IBIG Fund), the Social Security System, the Land Bank of the Philippines, and the Development Bank of the Philippines. — Keisha B. Ta-asan
