Social Housing Finance Corporation (SHFC), the lead government agency that administers socialized housing programs for low-income families, is suspending some of its planned ancillary activities and events for the year worth more than P21 million to free up funds to help in the government’s fight against the COVID-19 pandemic.
Despite the spending cuts, the agency will proceed with the provision of adequate housing in clean neighborhoods as it has become even more crucial at this time as a long-term strategy to fight the spread of the virus.
The belt-tightening, which includes cancellation of employee and stakeholder engagement events, complies with the directives of the Department of Budget and Management to defer non-essential spending and realign the budget of respective government agencies to respond to the crisis. The austerity measures were announced during SHFC’s Board Meeting presided by the Department of Human Settlements and Urban Development (DHSUD) Secretary Eduardo del Rosario on April 28 in Quezon City.
Included in the cost-cutting efforts were P9.3 million and P8 million allotted for activities and projects of the Human Resources Department and the Insurance and Community Enhancement Division, respectively. Also part of the budget cuts were P2 million for the Partner Relations Division, P1.1 million for the Customer Relations and Complaints Division, and P650,000 for the Strategic Communications Division.
“We are in a solid position to intensify provision of affordable, safe, and resilient housing for the poor who need it now more than ever,” SHFC President Arnolfo Ricardo Cabling said, reassuring stakeholders that the cost-cutting measures will not compromise the delivery of the agency’s services that can help improve sanitation and living conditions in congested settlements where viruses spread fast.
In fact, SHFC recently approved the P19.9-million loan application of Green Hills Homeowners Association, which is composed of more than 200 informal settler families who voluntarily demolished their shanties along the Davao River in January last year. The loan will be used to buy and develop around three hectares of land in Barangay Talomo River in Calinan District.
SHFC has provided security of tenure to more than 350,000 families through over P16 billion in loan assistance under its flagship shelter initiative, the Community Mortgage Program. In 2019 alone, the agency assisted more than 32,000 partner-homeowners.
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 http://www.facebook.com/shfcph.