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Philippines, Malaysia, Mongolia seal stronger partnership in housing finance www.philstar.com
MANILA, Philippines — State-owned National Home Mortgage Finance Corp. (NHMFC) strengthened its partnership with its counterparts in member-countries of the Association of Southeast Asian Nations through the signing of a memorandum of understanding with Cagamas Berhad of Malaysia and the Mongolian Mortgage Finance Corp. (MIK) in Sentosa, Singapore on Monday.
NHMFC president Renato Tobias, Cagamas Berhad president and CEO Datuk Chung Chee Leong and MIK CEO Gantulga Badamkhatan signed the MOU during the International Secondary Mortgage Market Association meeting held on the same day in Sentosa.
As the government’s sole secondary mortgage institution under the umbrella organization of the Department of Human Settlements and Urban Development (DHSUD), the NHMFC seeks to collaborate with its international counterparts and exchange information on research and programs related to housing finance, mortgage market, mortgage-backed securities (MBS) and other funding instruments.
“The sealing of this NHMFC partnership with Cagamas and MIK is well-timed,” Tobias said.
“As one of the key shelter agencies under the leadership of DHSUD Secretary Jose Rizalino Acuzar, NHMFC is in full support of the government’s Pambansang Pabahay Para sa Pilipino Program or 4PH. With this collaboration with our international counterparts, we can explore solutions to issues on housing and share our experiences and knowledge on policies, research and program that will help us improve our country’s housing situation,” Tobias said.
He added that under the MOU, the housing organizations also commit to share risk management programs that ensure the health of the MBS market. It also allows the NHMFC, Cagamas and MIK to share comparison of housing finance, mortgage and investor activities, as well as housing price monitoring, in their respective countries.
Cagamas Berhad issues corporate bonds and sukuk to finance the purchase of housing loans and receivables from financial institutions, selected corporations and the public sector, while the MIK promotes development of the primary and secondary mortgage markets by issuing and selling mortgage-backed securities in domestic and international capital markets.
Published Date:2023-03-08
