Photo Release

October 21, 2020

Reform CMP: Sen. Win Gatchalian raises the need to reform the Community Mortgage Program (CMP) being implemented by the Social Housing Finance Corporation (SHFC) due to the high percentage of delinquent beneficiaries. Gatchalian, during the virtual hearing of the Finance Subcommittee H, Wednesday, October 21, 2020, was informed that of the 300,000 CMP beneficiaries, about 200,000 are delinquent or failed to make payments on time. “We need to reform this program and make it very practical. It has become prone to corruption, many are pretending to be non-government organizations because they are getting commissions out of it whether the project is successful or not,” Gatchalian told Ricardo Cabling, president of SHFC. Cabling said they are introducing reforms to the program such as maintaining close coordination with the local government units and keeping their relationship with NGOs that are performing very well. CMP is a people-led housing finance and community development program which assists legally organized associations of low-income groups to acquire and develop a tract of land under the concept of community ownership. (Screen grab/Senate PRIB)

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