21 December 2017, Makati City, Philippines – The National Home Mortgage Finance Corporation (NHMFC) celebrates its 40th year as the nation’s leading secondary mortgage institution.
Since the signing of Presidential Decree 1267 in 1977, the NHMFC has unceasingly worked towards the fulfillment of its mandate of increasing the availability of affordable housing loans for Filipinos through the securitization of mortgages originated by both private and public institutions. The corporation has been the driving force behind the issuance of the country’s first residential mortgage-backed securities (“Bahay Bonds 1”) and retail mortgage-backed securities (“Bahay Bonds 2”). Within the past few years, it has successfully operated viable housing finance programs such as the Housing Loan Receivables Purchase Program (HLRPP), the Socialized Housing Loan Takeout of Receivables (“SHeLTeR”) Program, and the “Maginhawang Buhay dahil sa Bahay (MABUHAY)” Reverse Mortgage Program.
The NHMFC will soon release a successor to BahayBonds 2. BALAI Bonds 1 backed by quality socialized and low-cost housing loan portfolio. BALAI is the acronym for Building Adequate Livable Affordable and Inclusive Filipino communities, a broader housing program involving multiple government agencies like NHMFC.
NHMFC will also roll out BALAI CMP Bonds as alternative compliance to the balanced housing requirement for housing developers. CMP, short for Community Mortgage Program, is a government-funded undertaking administered by Social Housing Finance Corporation (SHFC), a wholly-owned subsidiary of NHMFC. As NHMFC advances beyond its four decades as a prime mover in the housing finance industry, more programs will be developed to strengthen its commitment towards addressing the housing needs of the low-income and underserved sectors of society.