Gasoline Price Cap / ISSSTE Reform Pause

Housing for Well-Being Program Updates. Edna Vega, Minister of Agrarian, Territorial, and Urban Development (SEDATU), announced the launch of construction projects under the Vivienda para el Bienestar (Housing for Well-Being) program. The six-year initiative includes 1 million new homes, 450,000 home improvements and expansions, and 1 million property deeds. By 2025, the target is over 125,000 new homes, 100,000 home improvements in eastern State of Mexico, and 120,000 property deeds, with 500,000 homes funded through Infonavit and another 500,000 by the National Housing Commission (CONAVI).

Agreements have been signed with 24 states to facilitate administrative processes, reduce wait times and requirements, and offer tax exemptions or reductions. In March, collaboration agreements will be signed with Baja California, Chihuahua, Coahuila, State of Mexico, Guerrero, Hidalgo, Zacatecas, and Veracruz.

Coordination working groups have been established in all 32 states, with over 100 meetings held, involving 400 federal, state, and municipal officials. These efforts have led to the validation of projects and the start of construction. Currently, 338 viable plots have been identified to accommodate 400,000 homes on 2,584ha. However, out of 585 properties received, 247 were deemed unviable due to their distance from workplaces, infrastructure, and basic services.

Construction has already begun in Baja California Sur, Sonora, and Yucatan, with the scheduled as follows:

• February: 21,375 homes

• March: 21,258 homes

• April: 57,423 homes

• May: 52,980 homes

• June: 7,300 homes

Rodrigo Chávez, Director, National Housing Commission (CONAVI), announced an increase in the annual housing goal from 50,000 to 86,556 units by 2025. Additionally, 20% of these homes (over 17,000 units) will be designated for rental housing.

INFONAVIT Credit Freeze Program. Octavio Romero, Head, INFONAVIT, reported on the progress of the Housing for Well-Being program. A total of 133 properties have been secured across 29 states, designated for the construction of 73,780 homes. The construction schedule is set to begin in April with 13,500 homes, followed by 52,980 homes in May and 7,300 homes in June.

Regarding the INFONAVIT credit freeze program, significant measures have been implemented to provide relief to borrowers. On Nov. 11, 2024, the balances and monthly payments of 2 million loans issued before 2013 were frozen. Additionally, with the reform to the INFONAVIT Law, the monthly payments of another 2 million loans were frozen starting Feb. 21, 2025.

So far, 600,000 beneficiaries have received reductions in interest rates, lower monthly payments, or decreased outstanding balances. In July 2025, an additional 500,000 borrowers will benefit from interest rate reductions. By the fourth quarter of 2025, a total of 1.7 million borrowers will have their interest rates reduced. Furthermore, starting in April 2025, INFONAVIT will implement a policy allowing loan payment suspensions without generating interest for borrowers who lose their jobs.

Gasoline Price Cap Agreement. Luz Elena González, Minister of Energy (SENER), announced that on Feb. 27, a voluntary agreement was signed with fuel sector entrepreneurs to stabilize the price of regular (Magna) gasoline and protect household purchasing power.

Under this agreement, the price of regular gasoline will not exceed MX$24/L (US$1.17). Fuel companies are committed to developing market strategies to ensure fair and reasonable profits, allowing the agreement to be sustained in the long term.

PEMEX will support last-mile distribution and maintain a fixed price at storage and distribution terminals to ensure reasonable profit margins for its clients. The Ministry of Finance (SHCP) will continue applying tax incentives to the IEPS to help maintain price stability.

Pause on ISSSTE Law Reform. President Claudia Sheinbaum announced that the approval of the ISSSTE Law reform is currently on hold. She emphasized that the pause would allow for dialogue with workers, stating that the reform will remain suspended while working groups are conducted.