Disaster-hit families could have around P9.55 billion in unpaid housing loans written off under a measure sponsored by Senator Francis “Chiz” Escudero that has passed second reading in the Senate.
Senate Bill No. 2508, or the proposed Residential Emancipation for Calamity Survivors Act, seeks to condone housing loan obligations incurred by beneficiaries under the National Housing Authority’s Assistance Program for Calamity Victims.
The proposed relief covers outstanding principal, unpaid amortizations, interest, penalties and surcharges. It also provides for the issuance of Certificates of Condonation to release mortgages on qualified housing units.
“Ang pinsala ng kalamidad ay hindi lamang sa bahay at ari-arian. Madalas, pati kabuhayan at kakayahang magbayad ng isang pamilya ay sinasalanta,” Escudero said.
The measure also seeks to restore the rights of beneficiaries whose housing units were forfeited solely because of nonpayment, as well as address pending administrative forfeiture cases and cancelled awards involving affected families.
If enacted, the bill would require the Department of Human Settlements and Urban Development and the NHA to submit to Congress a detailed list of condoned loans within two years.
The Registry of Deeds would also be required to issue and register titles for qualified beneficiaries within 60 days of the release of their Certificates of Condonation.
Housing units covered by the measure would be exempt from estate tax, while local governments would be encouraged to grant amnesty on real property and transfer taxes.
“Hindi natin maibabalik ang mga nawala sa kanila sa panahon ng kalamidad. Ngunit maaari nating pagaanin ang kanilang pasanin habang sila ay muling bumabangon,” Escudero said.
“Sa panukalang ito, ang pabahay na ibinigay bilang tulong ay hindi na magiging utang na kailangang bayaran, kundi tahanang tunay na magiging kanila.”IMT
