[ journal.com.ph ] August 17, 2008
SPEAKER Prospero Nograles is optimistic that with the passage of the Socialized and Low Cost Housing Loan Restructuring Act of 2008, housing problems will be resolved soon.
Nograles said the bicameral conference committee has started deliberations on the proposed three-year housing loan restructuring program.
The measure will benefit 368,535 delinquent home borrowers who may lose their homes.
RodolfoValencia, chairman of the House panel, said the bicam members will meet next week to reconcile the differences in the Senate and House versions.
Nograles, principal author of HB 4220, said all foreclosures must be stopped amid the economic difficulties.
“Roof over our heads is a basic necessity and a basic human right. The primary purpose of providing socialized housing and low-cost housing is to give our people, even the poorest of the poor, a decent place to live. We should not deny them that right,” Nograles said.
The Speaker also commended Valencia and Sen. Juan Miguel Zubiri for giving priority to his bill.
Parañaque Rep. Eduardo Zialcita, co-author of the bill, said the measure aims to mitigate the pains “our countrymen are suffering because of the global food and energy crisis that have taken its toll on the local economy.”
Zialcita said the program will cover all socialized and low-cost housing loan accounts with any of the government’s financing institutions and agencies with at least six months unpaid monthly amortizations, the original principal amount of which does not exceed P2 million. Jester Manalastas
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