Vice President Noli “Kabayan” De Castro lauded the Home Guaranty Corporation (HGC) for extending guaranties to P341 - billion worth of loans and investments in housing during his term. Speaking during the recent 4th Philippine Housing Finance Forum spearheaded by HGC, VP De Castro reported that 90% of the guarantees were allocated to socialized and low-cost housing loans, benefiting around 1.2 million borrowers.

He pointed out that the synergy amongst the Key Shelter Agencies, coupled with the implementation of a performance monitoring system and a policy regime favoring the construction of affordable houses, resulted in a vibrant housing finance sector.

Vice President De Castro likewise recognized the active role of the Housing and Urban Development Coordinating Council (HUDCC) in mitigating the effects of the recent financial crisis and natural disasters that struck the country. The housing sector, through the HUDCC, was mobilized to take part in the Special National Public Reconstruction Commission that was mandated to study the causes, costs and actions to be taken in the wake of recent typhoons, in addition to seeking fresh aid to support reconstruction activities. Immediate Relief Efforts were also launched by the Key Shelter Agencies.

In line with the Forum’s theme “The Housing Finance Sector after Financial and Natural Calamities,” Philippine Institute of Volcanology and Seismology (PHIVOLCS) Director, Dr. Renato U. Solidum, and Hong Kong based Pan-Asian Mortgage Company Chairman, Mr. Leland Sun, enlightened the country’s prominent bankers, property developers and other housing finance stakeholders with their presentations on the topics “Natural Disasters: Lessons for the Housing and Housing Finance Sector” and “The Global Financial Crisis and How it is Shaping Housing Finance,” respectively.

HGC President Gonzalo Benjamin S. Bongolan, for his part, discussed the prospects for Philippine Housing with his much-awaited “2010 Philippine Housing Finance Outlook”. In his presentation, Mr. Bongolan elaborated on the recent economic developments using macroeconomic indicators and how these impact on the housing and housing finance sectors. An optimistic outlook is warranted for the short–term according to his analysis.

The annual Philippine Housing Finance Forum, a brainchild of Mr. Bongolan, aims to strengthen the housing finance sector by creating an awareness of the present situation as well as providing a medium for the housing industry stakeholders to discuss creative strategies to address various issues and challenges.