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Poverty In The Philippines : Housing Projects

881 words - 4 pages

“Money makes the world go round” that’s what they say. Money plays an important role in our lives; it is money which often dictates one’s power - more money, more power, more recognized; less money, less power, unrecognized.A problem worldwide is the unequal distribution of the money. The rich gets richer and the poor gets poorer. While the rich is constantly having big houses, the poor is constantly struggling to get a house well built. The rich often raises less children while the poor believes that more children would lead them better future. We always have the developed sites in which we often put our attention to. On the other hand, we don’t pay attention to the ...view middle of the document...

This was the People’s Homesite Corporation(PHC). Along with this establishment; after seven years, the National Housing Commission (NHC) was established. After two years, the two were merged together as the People's Homesite and Housing Corporation (PHHC).In 1977, the National Home Mortgage Finance Corporation was created. This increased the housing loans that a Filipino could acquire.In 1978, the Home Development Mutual Fund (HDMF) was created. This fund addresses to problems of the nation; one for the saving and the other is related with the housing sector. Two agencies administer this fund. One is the Social Security System (SSS) which handles the non-government workers and the other is the Government Service Insurance System (GSIS) which handles the government workers. In 1980 the two were merged together as one, this was the PAG-IBIG fund. “Pag-IBIG is an acronym which stands for Pagtutulungan sa Kinabukasan: Ikaw, Bangko, Industria at Gobyerno. In effect, Pag-IBIG harnesses these four sectors of our society to provide its members with adequate housing through as effective savings scheme.” (Pag-Ibig official site, 2007)Financial crisis went on in the 80’s. With President Cory Aquino realizing the lack of funds, in 1987, she made one of the greatest steps to solve poverty. She made the Housing and Urban development Coordinating Council (HUDCC). This was the highest policy making and coordinating body...

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