HOUSE Speaker Prospero Nograles is joining the fray opposing the rash of foreclosures of low-cost housing units in Davao City.

In a statement, Nograles warned Balikatan Housing Finance Inc. to stop its foreclosure binge or face congressional grilling and even sanctions.

What's your take on the Mindanao crisis? Discuss views with other readers

Nograles, according to his son and chief of staff Karlo, was infuriated by reports that Balikatan has initiated foreclosure proceedings on thousands of low-cost housing units, including in Davao City.

Nograles was principal author of two laws that stopped foreclosures and paved the way for the restructuring of loans.

Upon his assumption as House chief last February, Speaker Nograles mobilized lawmakers towards the passage of Republic Act (RA) 9507 that gave relief to around 368,535 delinquent home borrowers who were in danger of losing their homes. The arrears amounted to P70 billion.

Karlo said President Gloria Macapagal-Arroyo signed into law RA 9507, otherwise known as the "Socialized and Low Cost Housing Loan Restructuring Act of 2008,"\ last month. It was part of the President's social reform agenda, he said.

Karlo recalled that Speaker Nograles, when he was still chair of the House committee on housing 10 years ago, was also behind RA 8501, otherwise known as the "Housing Loan Condonation Act of 1998."

Karlo said RA 8501 of 1998 was intended to rescue the national shelter program of the government by condoning the penalties on all outstanding and delinquent housing loan accounts with any of the government institutions and agencies involved in the national shelter program.

Aside from Nograles, Mayor Rodrigo Duterte is also staunchly opposing Balikatan's foreclosures, especially during this Christmas season. Recently, Duterte called for a meeting between affected homeowners and Balikatan, which did not arrive at a definite agreement.

The mayor said he will now bring the case before the Office of the President for action. (BOT)

For more Philippine news, visit Sun.Star Baguio.

(November 26, 2008 issue)
Write letter to the editor. Click here.