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GOOD

MORNING
EVERYONE!!
!
PREPARED BY:

RICHARD COLOSCOS
AND
JUSTINE MAE M. MAUNES
Profriends President Guillermo Choa
told reporters in a briefing in Makati
City that with close to 100 million
Filipinos, limited land area, and
shortage of funds to build houses
for all the Filipino families, the
country continues to suffer from a
shortage in mass housing that is
expected to reach 6.5 million units
by 2030.
Housing Shortage has been a
perennial problem in the country
with accumulated backlog of about
3.92 million units from 2001 to
201.Housin in the country is a
problem evident because of the
rapid growth of Philippine
population.
More people will mean a higher
demand for housing. The supply of
houses is less than the existing
demand for them since more and
more Filipinos are added to the
population annually. There is
seemingly a lack of Government
priority to build homes for the
homeless.
Filipinos are seen putting shanties
and makeshift homes in the streets,
under bridges, close to the railroad
tracks, and near creeks, which
proves to be dangerous since these
overflow during typhoons and
inundate the areas, causing risk to
lives of poor who have no choice as
to where they should live.
Buying and owning ones home is
always the dream of every Filipino
family but it is expensive to build a
house in the country. Since many
Filipinos are middle- or low-income
earners, they cannot afford the high
cost of housing.
Other people who dream of owning
their own house may opt to borrow
money from financial institutions
such as banks. They may apply for
what we call Real Estate loans to
buy their dream houses. They may
also borrow from the state-owned
PAG-IBIG Fund if they are regular
contributing members of fund.
Real Estate loans are hard to come
by for middle-and low-income
earners and has a long process of
application. In addition, banks need
to charge high interest rate that is a
burden on borrower. An additional
difficulty is that interest on loans is
usually high and even if the first
year interest rates are low,
These rates are subject to an
upward adjustment usually on the
second year and onward, depending
on market rates. The option for
those who cannot afford to buy
houses is to rent them from the
owners paying on a monthly basis.
But there are laws on rent such as
the one sponsored by former
Senator Joey Lina that tend to
protect and favor the renters. This
has lead to reluctance on the part of
owners to rent out their property,
thus, further limiting housing
opportunities for the Filipino.
Rent Control is a type of intervention
that affects prices. Rent Control is
equivalent to the setting of a price
ceiling on the rent. The Government
can intervene by setting Rent Control
that is equivalent to a price ceiling. It
indicates that homeowners cannot set
the rent higher than the price ceiling
set by the Government.
However, if price ceiling is set below
this equilibrium point, homeowners
will be demotivated to rent out their
property such that supply will
decrease and this will result in an
excess of demand over the supply
of housing, making it even more
difficult for people to buy their own
houses.
THAT’S ALL
AND
THANK
YOU!!!

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