Tuesday, October 14, 2008 Housing loan restructuring law okayed
PRESIDENT Gloria Macapagal-Arroyo signed into law Monday the Socialized and Low-Cost Housing Loan Restructuring and Condonation Act of 2008 or Republic Act (RA) 9507 during simple ceremonies in Luisiana, Laguna.
The signing ceremony, which coincided with the launching of the first local housing project for Laguna's fourth district, was attended by Vice President and housing czar Noli de Castro, author-Senator Juan Miguel Zubiri, and Laguna Representatives Edgar San Luis, Maria Evita Agarao and Roman Romulo.
Also present were National Housing Authority (NHA) general manager Federico Laxa, Laguna Governor Teresita Lazaro, and Luisiana Mayor Manuel Rondilla.
The law aims to provide underprivileged Filipinos a chance to save their homes from foreclosure through a rational loan restructure and condonation scheme that takes into consideration the credit worthiness and credit discipline of the borrowers and the financial viability of the lending institutions.
After the signing ceremony, Arroyo formally launched the fourth district's local housing project at Sitio Dapi in Barangay San Jose, Luisiana, with the lowering of time capsule containing several coins, newspaper and the housing project's plan.
At least 305 families and informal settlers would benefit from the two-hectare land where each family would get an average of 40 square meter lot that costs P12,000. The NHA provided a P3.160-million loan amount, payable in five years at six percent interest per annum, for the project.
Arroyo also handed over a check to Rondilla, amounting to P3.135 million for the land acquisition under the stated housing project.
The President during the event ceremoniously switched-on the rural electrification for the three Laguna municipality-beneficiaries that include: Sitio San Francisco, Barangay Macatad-Bubucal in Siniloan, Laguna; Sitio Dapi, Sahur-Ulan, Barangay Salang Bato in Famy, Laguna; and Sitio Mayputat, Barangay Libis ng Nayon in Mabitac, Laguna.
She also distributed 12 checks amounting to P50,000 each to the 12 Laguna cooperatives led by Samahang Agawid, Sikap-Mahirap and KAP-WESC, who had qualified for the Department of Labor and Employment's (Dole) livelihood assistance program; and a P5 million check to Ricardo Wagan, president of the Laguna State Polytechnic University as part of the scholarship grant by Representative San Luis that would benefit a total of 714 indigent students of the said university. (JMR/Sunnex)
