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ssist entry into homeownership. It offers lower rates on the smallest loans (less than 1 million baht and some 90 per cent of borrowers) with a cross-subsidy between high- and low-value loans. In order to increase affordability after the financial crisis, repayment periods were increased to 30 years and loan-to-value ratios rose to

90–100 per cent. [20]

This willingness to lend reflects, in part, the strategy of the government, which is to use housing development as part of its economic policy and to be willing to stimulate the economy through housing. Its strategies include a low interest rate for lower income borrowers, a further interest rate reduction for state employees and the possibility for borrowers to fix interest rates for three to five years (thereby reducing their risk).

2.5. GOVERNEMENT SUPPORT MORTGAGE LOAN IN PHILIPPINES

In the Philippines, the government aims to address the needs of the lowest 50 per cent of income earners through the direct production of units by government, through the provision of public funds for private development and through end-user financing to entice the private sector to produce suitable housing. [21] There are several significant state agencies that support housing finance. The Housing Guaranty Corporation provides mortgage insurance and

guarantees in order to encourage private banks and financial institutions to grant housing loans on easy terms of payment.

The National Home Mortgage Finance Corporation acts as a secondary market for housing mortgages. The National Housing Authority is specifically concerned with social housing. Finally, the Home Development Mutual Fund is a provident savings/pension fund for formal-sector workers. [22] Increasingly, strategies have moved from being highly centralized to being more participatory, with the involvement of communities, local government and private-sector agencies in delivering housing. Measures continue to be taken to improve the supply of funds and the secondary mortgage market.

In housing finance, the government’s role in the market remains that of a primary lender. Between 1993 and 2001, approximately 971,000 households gained homeownership through the National Shelter Programme. Fifty-one per cent of these obtained housing though private developers with loan finance provided through government programmes. About 13 per cent benefited from state-financed resettlement programmes, while a further 12 per cent secured dwellings through the community mortgage programme and other community programmes. Ownership through the presidential proclamations of public land for low-income housing accounted for a further 16 per cent. Despite such provision, however, the proportion living in informal settlements continues to rise. [23]

2.6. FINANCING HOMEOWNERSHIP IN SINGAPORE

The housing programme in Singapore started as priority in 1959, but the Singapore Investment Trust failed to meet the housing needs of the poor (Phang,2001: 34). The new government was committed to improve housing, and it began during the early 1960’s on a relatively small scale by providing basic rental units for the poor who were living in congested urban shop houses and squatters. Ann stated that the public housing system is strictly under the authority of Housing Development Board which has different duties such as housing production, housing managem