Philippines - Housing finance

Report No. 3732-PH The Philippines FILE COPY Housing Finance Apnl 12, 1982 Projects Department East Asia and Pacfic Regional Office FOR OFFICIAL USE ONLY Document of the Wud Bank This document has a restrcted distribution and rmay be used by reaplents onMy i the performance of their official duties Its contents may not otherwise be disclosed without World Bank authorization.  CURRENCY EQUIVALENTS Currency Unit = Pesos (P = 100 centavos) P 1.00 = US$ 0.12 US$ 1.00 = P 8.3 .  FOR OFFICIAL USE ONLY PREFACE This document is the report of a study undertaken in 1981 by the World Bank on Housing Finance in the Philippines. The Bank has been extensively involved in the housing sectors of its member countries, particularly through its financing of urban projects. Furthermore, the Bank maintains a sustained interest in the financial systems in the course of its operations. This report reflects a synthesis of these concerns and those of the Government of the Republic of the Philippines which requested this study. In particular, the report focusses upon the issues of resource mobilization and its macroeconomic implications, the development of appropriate institutions and instruments, as well as access to housing finance. At the request of the Government, special attention has also been paid to the rationalization of the institutional structure of the system. A mission comprising Messrs. Madhusudan Joshi (Chief of Mission) and Anupam Khanna, both of the East Asia Country Programs Department, together with Messrs. Raymond Struyk, John Tuccillo and Marcelo Bueno, Jr. (consul- tants), visited the Philippines during October 4 - 24, 1981. Mr. Edward K. Hawkins, Senior Departmental economist also joined the mission to participate in the policy discussions with the Government. The report takes account of discussions with Government officials and their comments on an earlier draft in March 1982. The mission wishes to acknowledge the extensive assistance provided by the Interagency committee established as counterpart staff team by the Minister of Finance. The mission also benefitted greatly from discussions with other officials in the Government as well as members of the private sector in the Philippines who were very generous with their time and information. The mission is grateful for the advice and support of colleagues in the World Bank, including the editorial assistance from Ms. Christine Morgan and the logistical support of Mesdames Georgia O'Donnell and Myung Ja Oh as well as the Support Services Section. | This document has a restricted distribution and may be used by recipients only in the performance of | their official duties. Its contents may not otherwise be disclosed without World Bank authorization.  -2- ORGANIZATION OF THE REPORT I II I Housing | | Financial | I Sector I | Sector | CONTEXT I | III| I I | Housing I | Finance I I System | __i I It I _ _ __1 _ _ __ |Resource | | Development I| IMobilization &| I of Institu- IOther Macro- | | tions& & |economic I I Instruments iI Issues I l l l VI ISSUES I I I I III_I_I|IRationalizationl I I _ _ _ _ I