MANILA, Philippines — Vice President and Housing and Urban Development Coordinating Council (HUDCC) Chairman Jejomar C. Binay on Wednesday lauded the Social Housing Finance Corporation's (SHFC) continued efforts to uphold its mandate as a government-owned and Controlled corporation (GOCC).

Binay commended the housing corporation, saying that “despite SHFC being a new and small corporation catering to the marginalized sector of the society as its market, it has been consistently complying with its mandate for the past years of its existence to be able to provide additional funds to the national government.”

"The SHFC's progress hits two birds with one stone: Besides the remittances which are in their mandate, they are also able to stay true to their other objective, which is to provide housing opportunities for those who have otherwise limited means to avail of decent houses," the Vice President said.

The SHFC, which is the lead government agency in undertaking social housing programs for the low-income sector, has turned over to the government over P26 million in check payment during a simple ceremony in Malacañang recently.

The check represents the last tranche of SHFC’s dividends based on the 2010 net income, bringing the total remittances to P53.7 million for 2010, the first tranche being released on July 1, 2011.

The turnover was in compliance with Section 3 of Republic Act No. 7656 which stipulates “GOCCs shall declare and remit at least 50 percent of their annual net earnings as cash, stock or property dividends to the national government.”

Through its flagship program, the Community Mortgage Program (CMP), SHFC hopes to bring to the government’s coffer additional funding for the continuance of its programs for the marginalized sector of our society.

SHFC President Ma. Ana R. Oliveros said the agency has previously remitted to the government a total of P179.085 million in dividends covering the period 2005-2009 which brings SHFC’s total dividend remittances to P232.85 million, including 2010 dividends.

These remittances are on top of the income taxes that the corporation has paid since its creation in 2004 under Executive Order No. 272.The CMP, under Republic Act 7279, or the Urban Development and Housing Act of 1992 (UDHA), as a component of the National Shelter Program, provides land tenure and housing security for the urban poor sector.

To date, the housing czar has tallied a total of P9.645 billion in loans under CMP, benefitting 236,755 informal settler families in 2,052 urban poor project sites.