Senator Edgardo Angara on Saturday said he expects the approval by the Senate on third reading one of the twin efforts in hurdling the global financial crisis, which is the strengthening of the Home Development Mutual Fund or the Pag-IBIG Fund.
Angara said Senate Bill no. 2971 or the Pag-IBIG Fund Law of 2008 has been recommended and calendared for plenary approval on Monday.
"In these times of financial difficulties, by providing a boost to the Pag-IBIG Fund, not only do we help Filipinos better plan and provide for their housing needs, we also reap other economic benefits that go with a strong housing sector," he said.
"The housing sector plays an important role in providing jobs. From the data provided by the so-called shelter agencies alone, an additional 607,003 jobs are expected to be created this 2009," he added.
Angara, chairman the Senate Committee on Banks, Financial Institutions and Currencies, said that for every housing unit, at least eight jobs are created.
"These domestic employment opportunities, whether from housing construction, public works, mining, micro-finance, small-and-medium enterprises, agriculture, tourism, etc., will serve our people well in the coming year, when working abroad will start losing its luster, and outsourcing jobs we currently rely on will slowly shrink," he said. - PNA
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Topic: Strengthening Pag-ibig Fund (Read 993 times)