GSIS sells Manila property for P258 million

MANILA, Philippines — State-run pension fund Government Service Insurance System (GSIS) has sold its property in Manila for P258 million to serve as a housing project for informal settlers.

GSIS and the Social Housing Finance Corp. (SHFC) yesterday signed the deed of absolute sale for the 14,000-square meter property in Sta. Mesa, Manila as part of the government’s flagship housing project.

GSIS president and general manager Wick Veloso turned over the title to SHFC president and CEO Federico Laxa in line with the Pabahay Para sa Bagong Bayaning Manggagawa housing program.

The property will be the site of SHFC’s high-rise condominium building that will benefit nearly 1,000 informal settler families living in critical zones.

These include members of the Ugnayang Lakas ng mga Apektadong Pamilya sa Baybaying Ilog Pasig at mga Tributaryo (ULAP-Manila).

Veloso said GSIS is responding to the call of President Marcos to address the housing backlog in the country.

Last May, the pension fund for government workers and retirees introduced a three-pronged strategy to help reduce the housing shortage in the country.

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.

GSIS also extended the Housing Accounts Restructuring and Condonation Program until 2025, waiving all outstanding penalties and surcharges and providing expanded payment terms for eligible borrowers.

Further, 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 homes more accessible.

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The article was originally published in PhilStar Global and written by Louise Maureen Simeon.