PH1 World Developers Inc. (PH1WD), the real estate arm of the Megawide Group, is developing a P2-billion mid-rise residential project in Imus City, Cavite, that is scheduled for completion by 2026.
PH1WD has entered into a tripartite agreement with the local government of Imus and the Department of Human Settlements and Urban Development (DHSUD) to build 1,100 affordable housing units for residents in the city.
The development, which consists of five 10-story buildings, would primarily benefit government employees, PH1WD Chairman Edgar Saavedra said during a groundbreaking ceremony on Tuesday.
The project will help Filipinos, particularly informal settlers, who cannot afford to buy a house, Saavedra said, noting that the price of each unit will be around P1.8–P2.0 million.
"I like this type of project because you can generate earnings while also helping our countrymen," he said in English and Filipino.
The residential project will be facilitated under the government's Pambansang Pabahay Para sa Pilipino (4PH) program in a bid to address the country's backlog of 6.5 million housing units.
The government is targeting 1 million units per year until 2028, DHSUD regional director Jann Roby Otero told reporters on the sidelines of the event.
For Region 4A (Calabarzon) alone, Otero said the DHSUD was looking to deliver about 150,000 to 230,000 units this year.
"We want to attain our target, but what's important is that we look at the program that is addressing this — the 4PH program that uses government funds and resources from the private sector," he said in Filipino.
"This is a win-win program for everyone, as the private sector developer could earn, the local government unit gets shelter for its constituents and the DHSUD could address the housing backlog."
Last week, the DHSUD signed a memorandum of understanding with the Subic Bay Metropolitan Authority (SBMA) for the development of a residential project for employees at the Subic Bay Freeport Zone.
"This housing project will greatly benefit SBMA employees, especially those who fall within the low income bracket, so they can also afford to buy housing units that they can call home," SBMA Chairman and Administrator Eduardo Jose Aliño said.
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