Philippines - Housing finance

A WORLD BANK COUNTRY STUDY THE PHILIPPINES Housing Finance *A, k .. 44 . .U -P  THE PHILIPPINES Housiing Finance 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 focuses upon the issues of resource mobilization and its macroeconomic irrmplications, the development of appropriate institutions and instru- ments, 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. (consultants), visited the Philippines during October 4-24, 1981. Mr. Edward K. Hawkins, senior departmental economist, also joined the mission to partici- pate 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 com- mittee established as counterpart staff team by the minister of finance. The mission also bene- fitted 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 Mmes. Georgia O'Donnell and My1) ung Ja Oh, as well as the Support Services Section. East Asia and Pacific Regional Office The World Bank Washington, D.C., U.S.A.  The World Bank issues country economic studies in two series. This report is a working document and is, as such, part of an informal series based wholly on materials originally prepared for restrictecl use within the Bank. The text is not meant to be definitive, but is offered so as to make some results of internal research widely available to scholars and practitioners throughout the world. A second, more formal series entitled World Bank Country Economic Reports is pub- lished for the Bank by The Johns Hopkins University Press, Baltimore and London. Titles of these and all other bank publications may be found in the Catalog of Publications, which is available free of charge from World Bank, Publications Unit, 1818 H Street, N.W., Washington, D.C. 20433, U.S.A. The views and interpretations in this report are the authors' and should not be attributed to the World Bank, to its affiliated organizations, or to any individual acting in their behalf. Copyright