Govt earmarks P3.7B for military, police housing

The government has earmarked P3.7 billion for the construction of new houses for more than 120,000 soldiers and policemen. “The funding will be about P3.7 billion. We have been working on this close to a month ago," Aquino told reporters in Camarines Sur where he led a tree-planting program Tuesday. He said his administration may start releasing the funds next month, but it may take about six to eight months before the first batch of families can move to their new houses. “We will start initially in Luzon but eventually, there will also be in Visayas and Mindanao," said Aquino, the commander-in-chief of both the military and the police. Aquino said they are targeting to provide houses to about 120,000 to 140,000 soldiers and policemen within his term. “But this year, the target is minimum of 20,000," he said. In a separate interview in Camp Aguinaldo in Quezon City where he graced a medical civic action program, Aquino said these houses will be built in areas like Bulacan, Laguna, Cavite, Laguna and Rizal. Aquino said the amortization for the units will only be about P200 a month for five years and then it will be gradually increased in the succeeding years. “It will balloon eventually on the 26th to 30th year at P844.20," he said. Aquino said he is confident that the soldiers and policemen will be able to pay the P844 monthly amortization for the houses on the 26th to 30th year, considering that at present, they spend P2,000 to P5,000 in monthly rent for apartments. “You are taking care of the security of our country. It’s now time that the people embrace you," he said. - KBK, GMA News