Social Housing Finance Corporation (SHFC) is set to implement its flagship initiative, the Community Mortgage Program (CMP), in
Valencia, Bukidnon, through a deal that will provide affordable housing to more than 600 families from three barangays in the
city. The development came after SHFC President Atty. Arnolfo Ricardo Cabling and Mayor Azucena Huervas signed a
memorandum of understanding (MOU) in a virtual ceremony held on July 20.
Under the agreement, SHFC will finance the lot acquisition, site development, and construction of houses for 348 families from La
Presa, Long Vine, and Lady Bamboo homeowner’s associations (HOA) in Barangay Taas. The agency will also fund the housing of
230 and 60 families from Valencia City Urban Poor HOA in Barangay San Carlos and New Homeland HOA in Barangay Mailag,
The MOU, signed in the presence of Vice Mayor Policarpo Murillo IV and SHFC Senior Vice President for Operations Atty. Ronaldo
Saco, followed similar deals between SHFC and the local governments of Taysan in Batangas, Daet in Camarines Norte, and
Jones in Isabela. SHFC is poised to ink more deals through video conferencing technology to adapt to the new normal brought
by the COVID-19 pandemic.
In his speech, Atty. Cabling said SHFC remains fully committed to fulfilling its mandate despite the virus crisis through
collaborative projects with local government units, which are mandated to undertake shelter programs under the Urban
Development and Housing Act of 1992. He noted that SHFC has made its interest rates even more affordable through its
socialized approach, with borrowers paying between 2 percent and 6 percent depending on their income.
Atty. Cabling explained that housing projects under the CMP center around the sense of neighborhood and ownership. These
two fundamental elements create a stable foundation for all of its shelter initiatives in the country. “These initiatives will help
pump prime the economy by creating jobs for the people, especially those in the countryside, which is very crucial during this
time of pandemic,” he said. Atty. Cabling added that SHFC is looking to roll out more projects in the provinces to decongest
Metro Manila and other highly urbanized cities.
Mayor Huervas echoed the sentiment and thanked SHFC for partnering with the city to address its housing needs. “Part of our
vision for Valencia is to empower its people,” she said. “For me, people empowerment includes giving our residents the
opportunity to have a place they call home, one that will provide them security, privacy, respect, and dignity.”
SHFC has so far forged similar agreements with 90 local government units, including 15 new partners added this year. In the
light of the pandemic, the agency continues with the provision of adequate housing, which has become even more crucial now
given that viruses spread fast in congested informal settlements. To date, it has provided security of tenure to more than
400,000 families through about P24 billion in loan assistance under the CMP.