ALREADY an entrepreneur with a well-established business in the beauty and wellness space, Erick Armigos recently ventured into low-cost housing development via a new company, Aquira Land Development Corp. (ALDC). Low-cost housing has been something still too few property developers in the country were willing to do. What galvanized the ALDC chief executive officer's decision were his loyal employees, those that helped him build his other successful venture, Vida Nutriscience Inc. (VNI), from the ground up.

Armigos' VNI had its inception in 2004 with a single health supplement for hypertension. Since then, Vida Nutriscience has been a thriving enterprise with several beauty, health and wellness products sold under 10 brands.

Armigos was looking for ways to reward VNI's loyal employees when he learned that for a long time, there had been a shortage of attractive and affordable housing options for low-income families and even most middle-income Filipinos.

Prior to the pandemic, the country enjoyed over 20 years of steady economic growth, leading to a growing middle class with increased spending power. Despite this, there just were not enough suitable options that were within a reasonable price range for most nonexecutives. Armigos saw that this was a problem that affected millions of Filipinos.

Armigos considered philanthropy, but he came to the realization that it could ultimately help only a limited number of people.

"Filipinos don't need to be given homes. There is a huge underserved market that can afford to buy decent homes, provided [the people in this segment] are given the option," Armigos explained. "With Aquira Land making low[-income] or socialized housing a viable business, we can build more homes for more people than a charity. And the more viable it is, the more people we can help."

"Owning a home bought with hard work gives a person a degree of pride and basic dignity. People shouldn't be deprived of decent homes just because nobody can be bothered to build and sell them ones that they can afford," Armigos added. "That's why the homes we build will be high-quality homes that their owners can be proud of."

Armigos' property development company, ALDC, has not wasted any time and has already actively engaged in two low-cost housing projects in Mexico, Pampanga and in Tanay, RizaL. These would have livable units before the end of the year.