The Government Service Insurance System (GSIS) has sold its 14,000-square-meter Sta. Mesa property for P258 million to the Social Housing Finance Corp. (SHFC) to pave the way for the construction of a Pambansang Pabahay high-rise condo project.
In a statement, GSIS said the housing project will benefit 1,000 informal settler families living in critical zones.
“We didn’t hesitate to sell the property in Sta. Mesa to SHFC so it can be shared with our fellow citizens in need of housing,” said Wick Veloso, GSIS president and general manager.
For his part, SHFC president and chief executive officer Federico Laxa said: “SHFC is grateful to GSIS for their quick response in facilitating the signing of the deed of sale. It is crucial that families in need of housing are provided with it promptly.”
In May, GSIS introduced a three-pronged strategy to help reduce the housing shortage in the country under the Pabahay Para sa Bagong Bayaning Manggagawa housing program.
The Lease with Option to Buy Program allows potential homeowners to acquire a GSIS property without an initial down payment wherein they can choose from 15,000 residential properties available nationwide.
Alongside this, the Housing Accounts Restructuring and Condonation Program, which has been extended until 2025, waives all outstanding penalties and surcharges and provides extended payment terms for eligible borrowers.
In addition, GSIS will construct housing condominiums for government employees in its properties in Fairview, Quezon City and Cogeo, Antipolo.
The payment plan is tailored based on the salary grades of government workers to make these homes more accessible.
