MANILA, Philippines – Some 90,000 public school teachers have no capacity to buy their own houses, a Manila congresswoman said on Wednesday.
Manila 4th District Representative Ma. Theresa Bonoan-David, citing an "independent study," said 90,000 of the country's public school teachers have no homes to call their own.
"More than 20 percent of spouses of these teachers are unemployed," she said.
Bonoan-David said there are currently 510,629 public school teachers in the country. She noted that the average monthly income of public school teachers is P10,000.
The legislator is pushing for House Bill 6326, which seeks to create a loan program for teachers.
She said while there have been efforts to solve the housing problem for teachers, "its implementation got caught up in the web of politics and never materialized."
Loans provided under the proposed program shall be computed based on the net pay of the teacher which shall not be lower than P3,000.
The interest rate on the loan shall not be more than 12 percent per annum and shall be fixed for the entire term of the loan.
The bill also seeks to exempt private developers under the housing program from income taxes, capital gains tax, documentary stamp and value-added tax (VAT).
The proposed law will also require the Government Service and Insurance System (GSIS) and the Home Development Mutual Fund (Pag-IBIG Fund) contribute a total of P2 billion for the initial implementation of the program.