Megawide celebrates 10 years of Innovating for Affordable Housing Market
The Indian Economic Times defines affordable housing as follows: Affordable housing refers to housing units that are affordable by that section of society whose income is below the median household income. Though different countries have different definitions for affordable housing, but it is largely the same, i.e. affordable housing should address the housing needs of the lower- or middle-income households. Affordable housing becomes a key issue especially in developing nations where most of the population isn’t able to buy houses at the market price.
Funded and supported by the government – Affordable housing in the Philippines
Like the industry, many governments are conscious about the need for affordable housing and make considerable efforts to support their citizens. In the Philippines, the issue is covered by the Home Development Mutual Fund (HDMF), or more popularly known as the “Pag-IBIG” government fund. The biggest backlog is for the lower income residents and overseas workers with Filipino citizenship. Within the five categories covered by this fund, leading Philippine infrastructure and engineering innovator Megawide Construction Corporation, focuses on the two most economic ones for their projects and is showcasing how prefabricated precast concrete elements are creating mutual benefits.
Building affordable houses with state-of-the art central factories and satellite precast factories
For over 10 years, Megawide is building high-rise and midrise projects with prefabricated precast elements and believes that this method of building will define the future of affordable housing.