State pension fund Government Service Insurance System (GSIS) formally introduced its Pambansang Pabahay Program during its 86th anniversary celebration in Pasay City on May 31, 2023.
The Pabahay Para sa Bagong Bayaning Manggagawa housing program was initiated through the signing of a Memorandum of Agreement (MOA) with the Quezon City Local Government.
The MOA provides that GSIS will build high-rise residential condominiums on its Fairview, Quezon City properties to address the housing requirements of its members particularly those working in and around the area. In return, the Quezon City government will support GSIS by providing all necessary permits and clearances, including the required zoning exemption for construction.
PGM Veloso said that each two-bedroom unit will be priced at Php1.6 million and made affordable through an accessible financing plan. This plan requires no down-payment, offers a lengthy payment period of up to 30 years, and involves a manageable monthly amortization of Php12,000.
President Ferdinand Marcos Jr., the guest of honor at the GSIS 86th anniversary event, praised the pension fund for its efforts to deliver affordable housing to its members. He recognized the initiative as “most welcome and highly commendable in the face of rising real estate prices…”
GSIS also announced that under the Pabahay program, members have the opportunity to avail of the rent-to-own option and condonation, which has been extended until 2025.
