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A World with Extreme Poverty is a World of Insecurity.

Tuesday, June 12, 2007

Ingenious savings plan for urban poor in QC

By Margaux Ortiz
Inquirer
Last updated 05:26am (Mla time) 06/11/2007

MANILA, Philippines -- The Quezon City government has come up with an ingenious savings scheme to enable urban poor beneficiaries of the city’s socialized housing program in Project 4 to pay their monthly amortizations.

Under the “Impok-Pabahay” scheme, the 160 beneficiaries of the Escopa Resettlement Project will be provided with “alkansyang bahay” (homebanks) to encourage them to pay their housing obligations through a planned savings program.

Quezon City Mayor Feliciano Belmonte Jr. said each beneficiary would be urged to set aside P57 daily for the alkansyang bahay to pay the monthly amortizations ranging from P1,200 to P1,900.

“Each specially-designed homebank will be opened only during a designated collection date with the key entrusted to the homeowners’ president,” Belmonte said, explaining that the city has entered into a partnership with the National Housing Authority (NHA) for the implementation of the program. Belmonte added, “The program is aimed at instilling the Filipino value of ‘pag-iimpok’ (saving for the rainy days) among beneficiaries.”

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