Latest News

Department of Human Settlements and Urban Development (DHSUD) Secretary Jose Rizalino Acuzar has shown strong commitment and determination to address the country’s housing backlog in compliance with President Ferdinand Marcos Jr.’s directive. Acuzar expressed this sentiment following the onslaught of Severe Tropical Storm Paeng that claimed numerous lives and destroyed infrastructures including houses in many parts of the country. He said President Marcos’ desire to fill the housing gap was evidenced by his recent engagements with stakeholders to tackle the matter. Last Friday, the President inspected the Bagong Sibol Housing Project in Barangay Nangka, Marikina City and discussed the plan to build shelters for 10,000 minimum wage earners and government employees. This project is among the first under the Marcos administration’s flagship Pambansang Pabahay para sa Pilipino Program. A day earlier, the Chief Executive also hosted a dinner meeting with Acuzar, along with other key DHSUD officials, members of his economic team, government financial institutions and top executives of private banks – to rally support for the program. “These activities are clear testaments of the President’s unwavering effort to help ordinary Filipinos realize their dream of owning decent, affordable homes,” Acuzar said, adding that these will definitely boost the program. Under the Pambansang Pabahay para sa Pilipino Program, DHSUD is tasked to build 1 million housing units every year in the next six years to address the country’s housing backlog pegged at more than 6.5 million units. So far, DHSUD has broken ground in seven areas of Luzon, including Marikina City and Quezon City in the National Capital Region, Visayas and Mindanao. During the Marikina City inspection, the President was able to talk with Mayor Marcelino Teodoro and heads of DHSUD key shelter agencies, namely, PagIBIG Fund, the National Housing Authority, Social Housing Finance Corporation, the National Home Mortgage Finance Corporation and the Human Settlements Adjudication Commission. He discussed with Acuzar and other housing and local government unit officials the master plan for the five-hectare housing project site. “On behalf of DHSUD and our KSAs, I would like to express my sincerest gratitude to the President for his all-out support,” Acuzar said. Source: Philippines News Agency

Around 519.93 metric tons of unfit, demonetized, mutilated, and counterfeit coins have been defaced from October 2021 until September 2022, the Bangko Sentral ng Pilipinas (BSP) said Wednesday.

 

The BSP said the process was done by altering the surfaces of the coins using a machine “to prevent them from being recirculated”.

 

“The defaced coins may then be recycled into different items based on their metallic content,” it said.

 

The BSP said around 70 percent, or about 364 metric tons, of the coins were unfit, 25 percent were mutilated, 4 percent were counterfeit, and 1 percent were demonetized.

 

It said the destruction of the coins as well as banknotes is mandated under Republic Act (RA) 7653, as amended by RA 11211.

 

RA 11211 amended the New Central Bank Act.

 

“This will ensure that only fit and legal tender banknotes and coins are circulated and used to purchase goods and services,” it added.

 

The BSP said it hopes for the “enactment of a law defining and penalizing the excessive and unnecessary hoarding of coins.”

 

This reinforces the BSP’s “continuing efforts to maintain and protect the integrity of Philippine currency”, it added

 

Source: Philippines News Agency