NEWSFLASH

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ERAP TO BUILD 1.2 MILLION HOUSES

Manila, May 22, 1998 - Within the first 100 days of his presidency, Joseph Estrada will set up multibillion-peso guarantee fund to finance the construction of 1.2 million low-cost housing units for the next six years.

World Bank and Asian Development Bank officials have already expressed their full backing for the project, which Estrada wants to be managed by the private sector.

Eyed by his economic team as a major funding source for this housing project is the imposition of a land conversion tax.

"Non-governmental participation in the provision of housing will be encouraged," Estrada told business leaders earlier.

"The construction, management and maintenance of housing projects should be left to the private sector while government simply provides seed capital and sets minimum performance standards," Estrada said.

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