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V Housing and Urban Development Coordinating Council (HUDCC)

V National Anti-Poverty Commission (NAPC)



Kabayan Forum


                                                                                                               Refer to: Ms. Dale Zapata

VP Noli Lauds Medium/High Rise Building Program of HDMF, Private Developers

02 June 2005


Vice President and concurrent Housing and Urban Development Coordinating Council (HUDCC) Chairman Noli ‘Kabayan’ De Castro yesterday lauded private developers and the Home Development Mutual Fund (HDMF) or Pag-IBIG for implementing the city Medium/High Rise Building (MHRB) program.


The program, according to De Castro, is designed to suit the need of Filipinos for affordable and low-cost housing within the cities of Metro Manila.


Yesterday, De Castro led the inaugural ceremonies for two medium high-rise housing projects in Quezon City and Caloocan City. In both occasions, the housing czar thanked the Pag-IBIG fund and private developers who are making it easier and faster for the government to pursue its national shelter program.


“Sa tulong po ng HDMF at lalu na ng private developers, napapadali ang implementasyon ng pambansang programa sa pabahay. Dahil po sa kanila, natutupad ang pangarap ng ating mga mahihirap na kababayan na magkaroon ng sariling bahay,” De Castro said.


Funded by the HDMF and developed by the San Jose Builders Corp., the Theresa Towers along P. Tuazon St., Cubao, Quezon City has 200 condominium units, 80 percent of which were already sold.


The project boasts of its proximity to the Cubao MRT station and, most importantly, its very friendly monthly amortization of P6,500 per month.


In Camarin, Caloocan City, De Castro welcomed the response of Fortune Star Construction and Development Corp. (FSCDC) to his earlier call for more active private sector participation in the housing industry.


“We in the government recognize that housing, to be truly successful, must be private sector-driven. That’s why it has been the policy of this administration to create an environment that will encourage private developers to initiate projects that will meet the needs of our countrymen,” De Castro said.


Fortune Star Construction and Development Corp. is the developer of Fortune Star City Condominium, a 300-unit medium rise building funded by HDMF and the Asiatrust Bank for low-income earners.                                                                                             HOME | back-to-top

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