Press Release
January 31, 2012


Senator Aquilino "Koko" Pimentel III has filed a bill seeking to prioritize granting socialized homes for the country's poorest sector.

Under Senate Bill no. 3104, Koko Pimentel seeks the establishment of a government office that will take the lead in providing socialized housing programs catering to the low-income, the underprivileged and the homeless.

Pimentel's Senate bill is known as the "Social Housing Development and Finance Corporation Act of 2012."

The main objectives of Senate Bill 3104 are to assist legally-organized associations of underprivileged and homeless citizens to purchase and develop a tract of land, and to own lots they occupy.

The bill also aims to enhance the affordability of low-cost housing to low-income families and to provide developmental financing for low-cost housing projects.

The Pimentel proposal seeks to create the Social Housing Development and Finance Corporation (SHDFC), which shall become the lead government agency in the development and administration of social housing programs.

The senator from Mindanao explained that his bill seeks to implement the Constitutional mandate upon the State to undertake a continuing housing program which will make available at affordable cost decent housing and basic services to the underprivileged and homeless citizens.

Under the Pimentel bill the government office to be established, known as the Social Housing Development and Finance Corporation (SHDFC) will take charge in administering socialized housing program schemes responsive to the current housing needs, particularly those belonging to the poor.

The proposed Social Housing Development and Finance Corporation will be empowered to enter into loans or issue bonds and other debentures to raise funds for housing construction.

Under the Pimentel proposal, the Social Housing Finance Corporation (SHFC) established under Executive Order No. 272 in 2004 will be abolished and replaced by the proposed Social Housing Development and Finance Corporation which will be equipped with more powers to be able to address the current housing problems of the poor.

Pimentel recognized the need to promote sustainable source of housing finance to meet the current housing needs to the majority of our people.

Pimentel said there is a need to have a primary government institution responsible for addressing the housing needs of the bottom thirty percent (30%) our poor households.

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