[ malaya.com.ph ] October 13, 2008
A LAW providing for restructuring of housing loans to ensure more affordable installment payments is set to be signed by President Arroyo today.
The anti-foreclosure law, "Socialized and Low-Cost Housing Loan Restructuring Act of 2008" to be known as R.A. 9507, is expected to benefit 368,535 delinquent borrowers who owe home mortgage and loaning firms some P66.69 billion.
The signing will be held in Sitio Dapi, San Jose in Luisiana, Laguna where President Arroyo will attend the time capsule-laying ceremony for a housing project.
The housing project on a two-hectare lot in Luisiana will benefit 305 homeless members of the Pro-Man Homeowners Association.
The new law covers all socialized and low-cost housing loan accounts with government financing institutions and agencies, with at least three months of unpaid monthly amortizations, the original principal amount of which does not exceed P2.5 million.
The bill was co-authored by Sen. Juan Miguel Zubiri, and Representatives Rodolfo Valencia, Maria Amelita Villarosa, Lorna Silverio, Herminia Roman, Eduardo Zialcita, Roman Romulo, Edgar San Luis, Maria Evita Agarao, Justin Chipeco, and Dan Fernandez.
Arroyo, aside from the bill signing, will lead the ceremonial switch-on of the rural electrification program for three towns of Laguna. She will also distribute scholarship grants to indigent Laguna students and distribute medicines and food packs.
From Luisiana, Arroyo will proceed to Cavinti, also in Laguna, to inaugurate the P55.883-million Cavinti bridge, and then to Dayap and Santo Tomas in Calauan, also in Laguna, to visit a 58.86-hectare housing project for families displaced by the SouthRail project. – Jocelyn Montemayor
