The fair is directed by President Gloria Macapagal – Arroyo in a Memorandum Circular 160 in line with the government efforts to make housing truly affordable and accessible to ordinary workers.
"The government through the Housing and Urban Development Coordinating Council (HUDCC), its key shelter agencies, namely, the Home Development Mutual Fund (HDMF), the National Home Mortgage Finance Corporation (NHMFC), the Home Guarantee Corporation (HGC), the Housing and Land Use Regulatory Board (HLURB), and the National Housing Authority (NHA), and the government financial institutions with home lending operations, have agreed to forge a strategic alliance towards the attainment of the goals and objectives of the National Shelter Program," said part of the circular.
The National Shelter Program is the government's channel to address the housing requirements of both the informal and formal sectors of the community.
President Arroyo has also signed recently the Socialized and Low-Cost Housing Loan Restructuring and Condonation Act of 2008 to give the underprivileged Filipinos the chances to save their homes from foreclosure thru a rational loan restructuring and condonation scheme.
The new law offers a rational loan restructuring and condonation program for the underprivileged Filipinos based on the credit worthiness and credit discipline of the borrowers and the financial viability of the lending institutions.
It is a welcome relief to thousands of Filipino families struggling to keep their loan-financed homes from foreclosure. (PIA)
Source: PIA Press Release
by A. Lumaque
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