Legislative History
| House Bill/Resolution NO. HB00199 | |
| FULL TITLE : AN ACT TO ESTABLISH A SOCIALIZED AND LOW-COST HOUSING LOAN RESTRUCTURING PROGRAM, PROVIDING THE MECHANISMS THEREFOR, AND FOR OTHER PURPOSES | |
| SHORT TITLE : Socialized and Low-Cost Housing Loan Restructuring Act of 2003 | |
| ABSTRACT : "Socialized and Low-Cost Housing Loan Restructuring Act of 2003". The Asian crisis of 1997 affected many Filipinos including those who availed of low-cost and socialized housing offered on a supply-dictated basis at the behest of the Ramos administration. Despite the enactment of RA 8501 to remedy the problem of unpaid mortgages and defaulting housing loan borrowers, only 19,000 out 180,000 defaulting accounts availed of the condonation program. The bill seeks to provide fresh hope to those who failed to avail of the provisions of RA 8501 but wish to keep their homes and pay their loans at rates affordable and in keeping with their current economic status. | |
| PRINCIPAL AUTHOR/S : BIAZON, ROZZANO RUFINO B. | |
| DATE FILED : 2004-07-01 | |
| SIGNIFICANCE: NATIONAL | |
| CO-AUTHORS (Journal Entries) : | |
| 1. Codilla (005 ) | 2. Amin (006 ) |
| 3. Zialcita (012 ) | 4. Espino (022 ) |
| 5. Escudero (044 ) | 6. Nantes (063 ) |
| ACTIONS TAKEN BY THE COMMITTEE | |
| COMMITEE HEARINGS/ACTIONS: | |
| 1. Committee Report filed on 2005-03-01 | |
| MOTHER BILL: HB03835 | |
| ACTIONS TAKEN BY THE COMMITTEE ON RULES | |
| REFERRAL TO THE COMMITTEE ON HOUSING AND URBAN DEVELOPMENT ON 2004-07-27 |
Abstract
"Socialized and Low-Cost Housing Loan Restructuring Act of 2003". The Asian crisis of 1997 affected many Filipinos including those who availed of low-cost and socialized housing offered on a supply-dictated basis at the behest of the Ramos administration. Despite the enactment of RA 8501 to remedy the problem of unpaid mortgages and defaulting housing loan borrowers, only 19,000 out 180,000 defaulting accounts availed of the condonation program. The bill seeks to provide fresh hope to those who failed to avail of the provisions of RA 8501 but wish to keep their homes and pay their loans at rates affordable and in keeping with their current economic status.'
Disclaimer
Note: Legislative history and other information accessed from Congress Legis. Information as of April 20, 2022.