Housing Loan Restructuring Law offers relief to hardpressed Filipino homeowners

MANILA, Oct. 13 (PNA) -- Underscoring the pro-poor nature of the Socialized and Low-Cost Housing Loan Restructuring bill, Malacanang said today the approval of the measure is a welcome relief to thousands of Filipino families struggling to keep their loan-financed homes from foreclosure.

President Gloria Macapagal-Arroyo is set to sign into law today (Monday), the socialized and low-cost housing loan restructuring measure during her trip to Laguna for the groundbreaking and capsule-laying ceremony of a National Housing Authority (NHA) housing project in Sitio Dapi, Barangay San Jose in Luisiana town.

Close to 400,000 poverty-stricken Filipino families, who built their houses with loans from government funding institutions (GFIs) and other state agencies, have incurred delays in their amortization payments.

The backlog in amortization payments is expected to worsen in the midst of the financial crisis sweeping the globe.

“Everybody should welcome it,” Press Secretary Jesus G. Dureza told the Radyo ng Bayan program “Pilipinas, Pilipinas” this afternoon, referring to the legislation which will be known as “Socialized and Low-Cost Housing Loan Restructuring Act of 2008” when the President signs it into law.

Attending the signing ceremony are the authors and co-authors of the bill namely, Sen. Miguel Zubiri and Congressmen Rodolfo Valencia, Maria Amelita Villarosa, Lorna Silverio, Herminia Roman, Eduardo Zialcita, Roman Romulo, Edgar San Luis, Maria Evita Agarao, Justin “Timmy” Chipeco and Dan Fernandez.

Scheduled to arrive at 11:30 a.m., the President will be welcomed by Vice President Noli de Castro, Laguna Gov. Teresita “Ningning” Lazaro, Laguna Rep. Edgar San Luis (4th Dist.), Laguna Rep. Maria Evita Agarao (3rd Dist.), Laguna Rep. Justin “Timmy” Chipeco (2nd Dist.), Laguna Rep. Dan Fernandez (1st Dist.), and Luisiana Mayor Manuel Rondilla.

NHA General Manager Federico Laxa, Southern Luzon Command (SOLCOM) commander M/Gen. Delfin Bangit, Philippine National Police (PNP-PRO IV-A) Director Ricardo Padilla, and Presidential Assistant for Region IV-A Mely Jabola.

President Arroyo will also turn over checks totaling some P9 million to the following: P3.16 million for land acquisition under the NHA’s local housing program to Mayor Rondilla; P50,000 each to 12 cooperatives, and P5 million to the Laguna State Polytechnic University (LSPU) for its scholarship program.