MANILA Mayor Isko Moreno and Land Bank of the Philippines (LandBank) Vice President and Chief Trust Officer Mario Sabino Jr. signed an agreement Wednesday that would help finance the city's vertical housing program.
"This is the start of a long journey of the in-city vertical housing," Moreno said in a statement released by the Manila Public Information Office on Thursday.
"The City's ultimate goal is to provide more families living in informal settlements and rental accommodations with the opportunity to have decent and secure housing within Manila," he added.
The housing fund, the mayor said, is not only about financing existing projects but creating a continuing source of resources to build more homes in the future.
The agreement would allow the city government to invest around P50 million in available funds from the Manila Urban Settlements Office Housing Trust Fund through LandBank. The funds would be sourced from the mandatory monthly contributions of beneficiaries of Manila's in-city vertical housing projects.
