Vice President and Housing czar Noli de Castro urged urban poor homeowners to also pay reguarly their home loan amortization as he exhorts everyone not to forget their obligation.
The Vice President in a Housing Summit May 9, 2008 at the Philippine Women’s College, Matina, Davao City met with the homeowners organizations of Davao City where he also awarded the Certificate of Title to beneficiaries of housing projects of unused government lands converted into sites for socialized housing.
The summit was also attended by Pag-IBIG Officers led by Deputy Chief Executive Officer and Executive Vise President Jaime A. Fabiana and SM Vice President Jose W. Banzon, Jr. Also present were Pag-IBIG branch managers Manolito Olegario of Davao, Rodrigo Suemith of General Santos and Elizabeth Tinagan of Tagum.
De Castro was elated saying that the Summit was a good opportunity where the urban poor and the stakeholders discussed on their housing concerns.
“Ang Davao City naman di mahilig ng libre at huwag tayong mag short cut sa proseso kasi maraming sabit pag magshort cut tayo,” he said.
With regards to their concern on housing, the Vice President encouraged homeowners to send their issues and concerns to his office as he is willing to answer them provided they must indicate their addresses so they would know where to send the feedback.
De Castro also announced that because of so many complaints they had shortened the processing of requirements among shelter agencies.
House Speaker Prospero C. Nograles in a public hearing in Davao City on May 8 said homeowners must take the opportunity once the consolidation of House Bill Nos. 89, 411 and 1932 be firmed up.
The House of Representatives Committee on Housing is consolidating all the bills with regards government housing program to gather all the inputs of different sectors raised during public hearings.
House Bill No. 89 is an “Act to establish a socialized and low cost housing restructuring program, providng the mechanism therefore, and for other purposes,” authored by Rep. Rozzano Rufino B. Biazon, House Bill No. 411 is authored by Rep. Eduardo C. Zialzita re “An act instituting a socialized and low cost housing loan restructuring program, providing the mechanism therefore, and for other purposes”, and House Bill No. 1932 is entitled “An act instituting a socialized and low cost housing loan restructuring program, providing mechamism therefore, and for other purposes”, authored by Speaker Prospero C. Nograles.
Nograles said the only way to stop foreclosure is the restructuring program and they are finding ways to fill the gap even as he said that they had lowered the interest rate and is now pegged at six percent.
Restructuring is a temporary relief of homeowners whose account has been delinquent and facing foreclosure and once the law this will be the chance for those facing foreclosure pero hindi naman pwedeng hindi tayo magbayad, Nograles pointed out.
“Once the homebuyer avails of restructuring they must also pay their obligation because these shelter agencies also have operating expenditures,” he said.
And definitely when we borrow we must also pay,” the House Speaker stressed.