Senator Edgardo J. Angara has thrown his support behind the establishment of a Department of Housing to better coordinate the efforts of the Housing and Urban Development Coordinating Council (HUDCC) and numerous agencies now only under its supervision.
The HUDCC is composed of the Home Guaranty Corporation, National Home Mortgage Finance Corporation, Social Housing Finance Corporation, National Housing Authority, Home Development Mutual Fund, and the Land Use Regulatory Board.
Senator Edgardo J. Angara lamented the lack of funding for the country's housing agencies during the deliberations for the 2012 National Budget.
Only a total of P6.975 billion is allocated for the housing agencies led by the Housing and Urban Development Coordinating Council (HUDCC), said Angara. The National Housing Authority will get P5.63 billion of the total while the HUDCC, Housing and Land Use Regulatory Board, Home Guaranty Corporation, National Home Mortgage Corporation will share the rest.
Economic turbulence across Western Europe, Japan and the United States is stoking widespread civic unrest over increasing social inequity and lack of decent jobs, developments that the Philippine government cannot afford to ignore.
In his sponsorship speech of the 2012 National Budget, Angara called on the administration to purposefully channel spending toward creating a knowledge-based and innovative-driven economy to raise living standards, generate quality jobs, boost competitiveness and enhance access to education and infrastructure.