Top official also eager to dip into US$4.6B Pension Fund

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.