Digitization can address housing backlog

TECHNOLOGY focused, real estate group Proptech Consortium of the Philippines (Proptech Consortium) said that the housing backlog in the Philippines can be solved once the digitization of the retail industry is fully realized.

During the celebration of its first anniversary, Emma Imperial, Proptech Consortium co-founding director and chairman, said in her speech that this can only be achieved if all stakeholders cooperate with each other.

“We are all optimistic here as we are envisioning the outcome of a future where the industry has been fully transformed. With the goal of interconnecting it, we want to have real estate properties that are sustainable, resilient and smart through the connectivity of digital technology which, in turn, will be provided to every Filipino,”

Imperial said.

She expounded that in order to address the backlog, digitization must first thrive in the country to swiftly deliver the houses needed.

This means inviting more fintech (financial technology) industries for investments, investing in digital infrastructures which will facilitate these transactions, changing the perspective of the banking system, crafting laws which will incentivize developers to craft more socialized housing, among others.

“Even if we can provide savings for many Filipinos for their houses, even if we can build houses which can stand for 100 years, but if we cannot reinvest our funds in a way where we can build fast, then we cannot really deliver the housing backlog in the country,” Imperial explained. “All of us here are from different fields but if we have that kind of reinvestment speed, all of us will benefit.

For the government’s side, the Pag-IBIG Fund, Department of Information and Communication Technology, and the OFW partylist all expressed their support behind the consortium’s goal, as according to OFW party-list Rep. Marisa del Mar, Pag-IBIG Fund public affairs manager Jack Jacinto, and Department of Information and Technology Assistant Secretary for Digital Transformation Edwin Ligot, all of them are doing their part in order to ensure this vision.

“All of us here are united in our aspirations to help the Philippines as all of us share a vision for the betterment of our country and the right of every Filipino to own a home, which is also in line with President Ferdinand “Bongbong” Marcos Jr.’s goal of constructing 1 million houses per year in order to address the housing backlog,” del Mar said.