OJK Supports Financing Companies Collaborating With SMF And BP Tapera

Illustration. (Photo: Doc. Antara)

JAKARTA - The Financial Services Authority (OJK) supports finance companies to collaborate with PT Sarana Multigriya Finansial (SMF) and the People's Housing Savings Management Agency (BP Tapera) to overcome various challenges in financing the three million homes program.

Chief Executive of the Supervision of Financing Institutions, Ventura Capital Companies, Micro Financial Institutions, and Other Financial Services Institutions (PVML) OJK Agusman said the implementation of the three million homes development program for low-income people could be a potential market opportunity for financial institutions.

However, he said that now financial service institutions in the financing sector face limited capabilities and capital. In fact, there are proposals to increase the portion of funding of financing institutions for Housing Financing Liquidity Facilities (FLPP) from 25 percent to 50 percent.

"Financing companies are also encouraged to increase synergy and cooperation, among others, with PT SMF and BP Tapera in the context of providing long-term sources of low-cost funds to support the distribution of financing to the housing sector," he said, quoted by Antara, Wednesday, January 15.

Agusman said that throughout 2022 to 2024, BP Tapera had provided FLPP financing for 655,300 residential units with a total value of IDR 76.05 trillion.

Meanwhile, PT SMF has distributed FLPP funding of IDR 26.33 trillion for 709,956 residential units from 2018 to 2024.

He said that his party noted that there were 50 finance companies that channeled financing to residential-related objects, such as residential houses, shop houses, shop houses, and apartments, as of November 2024.

However, he stated that only 14 finance companies received support from PT SMF with a total value of IDR 3.17 trillion.

"Housing financing requires stable funding in the long term. Therefore, we expect finance companies to need to manage liquidity risk properly," he said.

The construction of three million houses for low-income people per year until 2029 is one of President Prabowo Subianto's priority programs.

The head of the Hashim Djojohadikusumo Housing Task Force (Satgas) said that the three million houses per year construction program consists of the construction of one million apartments in urban areas and two million housing units in rural areas.