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SANTO DOMINGO.-  Pension Funds (Sipen) superintendent Joaquin Geronimo pm Thursday said yesterday his agency has been ready since last year to draft the rules on the use of part of the system’s US$182.0 billion (US$4.6 billion) to build low cost housing.

"Since September 9, 2011 the Sipen has been ready to evaluate the financial instruments to be issued, provided that all sectors have submitted and have approved their respective regulations," the official said.

He said the use of the funds will help stimulate economic sectors across the board and create an affordable housing offer for the low-income population.

Geronimo said government agencies should seek a dialogue and ongoing communication between the different stakeholders, both public and private, to advance toward implementing the Mortgage Market Development and Trust Law.

He said the Mortgage Market Development and Trust Act empowers the Sipen to sensure the security and profitability of the funds of the Dominican workers.

Geronimo’s announcement comes one day after the Housing Builders and Developers Association (Acoprovi) stated their readiness to access the Pension Fund.

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COMMENTS
9 comment(s)
Written by: josean, 21 Sep 2012 8:30 AM
From: United States, Fighting the Dictatorship of the Narco PLD Mafia; Guillermo Moreno President 2016

So is the Criminal PLD Political Committee!

Maybe even the USELESS METRO will get a taste!

Written by: glomarexplorer, 21 Sep 2012 8:31 AM
From: United States, Fresh Water Paradise-NY Finger Lakes

Not so sure this is a great idea, given the historical system pre-disposition for mis-appropriation of funds for the enrichment of politicians, government officials and well-connected businessmen, bankers and insurers. In our country, given present realities, this might just not be a good idea at all.

At the very least, the public must demand external and frequent auditing from perhaps a Bittish or Swiss firm, or some other trust worthy entitiy without a finacial interest.

Our government, at least under LF, always managed to secure funding for many grandiose projects, perhaps many less necessary than adequate housing, without resorting to raiding the pension fund. Perhaps Danilo should do likewise and leave this sacred trust right where it is.

MJEV.
Written by: gmiller261, 21 Sep 2012 8:45 AM
From: United States
"to build low cost housing.", yea 12 of them that will cost 1 billion dollars.

999 million dollars in cost overruns IE. inbred shameless transparent corruption.

If you Dominicans let these thieves touch that money, you are doomed. period.
Written by: stillhere, 21 Sep 2012 9:22 AM
From: Dominican Republic
I bet their lining around the block to get their dirty little hands on this money..
Written by: okian, 21 Sep 2012 9:31 AM
From: United States
Bottom line is the more money Dominican politicians have access to, the more money they will steal from the people.
Written by: bernies, 21 Sep 2012 10:50 AM
From: United States, key west fl
That money should not be touch by any agency and I mean any agency doesn't matter if they are local or foreign agency. Leave it where it is and as it is.
Written by: BASTA, 21 Sep 2012 11:27 AM
From: Dominican Republic, =Ghetto/Legalize Drugs/Free abortions for all
^^^^^3+++s
Written by: dreadlocks, 24 Sep 2012 10:21 AM
From: United States
yes, he is eager. as we speak, he is looking at brochures for 2013 luxury jeepetas, and is eager to head down to the dealerships to get his copies.
Written by: jsanchez23, 24 Sep 2012 5:44 PM
From: United States
If it is suppose to be a pension fund than why use it for anything other than that. The stimulation of the economic system will only benefit their pockets which I may add will probably be taking 10-15% of the total amount that they dip into to so call expand "low cost housing"
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