Federal Land Inc. is making bigger strides in complying with a government requirement to contribute to socialized housing.
For Federal Land, the updated policy which requires 15 percent horizontal development and 5 percent vertical project contribution opened more opportunities for them to upgrade their participation.
The company has adopted participation through investment or the Building a Legacy for the Advancement and Integrity (BALAI) program for its compliance.
BALAI is the highest credit among all compliance modes as it sets a non-recoverable non-profit investment equivalent to 5 percent of the total costs of the main project.
Under this initiative, Federal Land is responsible for land development to deliver roads, drainage, power and water lines.
Federal Land has also advanced its escrow by at least a year for more efficient compliance, ahead of the common industry practice.
This allows Federal Land to be more expedient in processing the licenses needed for soon-to-be launched social housing projects with Department of Housing and Urban Development and local government unit chosen partners.
As most of the projects under its socialized housing program are slated outside Metro Manila – such as Mati in Davao Oriental, Monkayo in Davao de Oro, and San Miguel, Bulacan among others, Federal Land sees its contribution complementing the government’s sustained efforts to link cities through the Build Build Build program.
Federal Land president Thomas Mirasol said the government’s action agenda for housing has never been more urgent than now.
“We extend our support to the vulnerable segments of our population because it is in our nature as a developer to nurture a healthy and well-balanced community. We also believe that it should be a shared goal for the public and private sectors to build a more inclusive and sustainable future for Filipinos. For us in real estate, that means secure shelter and reliable infrastructure,” Mirasol said.