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PRESIDENTIAL DECREE NO. 1217
PRESIDENTIAL DECREE NO. 1217 -
EXTENDING BENEFITS PROVIDED UNDER PRESIDENTIAL DECREE NO. 745 NOT ONLY
TO EMPLOYEES OR WORKERS BUT TO LOW INCOME FAMILIES IN GENERAL
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WHEREAS,
the Constitution of the Philippines provides that the State shall
establish, maintain and ensure adequate social services in the field of
housing to guarantee the enjoyment of the people of a decent standard
of living; chanroblesvirtualawlibrary
WHEREAS, the housing problem of the country has grown into a critical
magnitude requiring the immediate and concrete institution of measures
which can meet the needs of Filipino families for decent dwellings;chanroblesvirtualawlibrary
WHEREAS, the need to resolve the housing problem therefore calls for a
joint venture between the government and the private sector;chanroblesvirtualawlibrary
WHEREAS, it is incumbent upon the Government to harness and promote
housing ventures in terms of capital expenditures, land, expertise and
financing including the provision for incentives and facilities to
broaden the private sector participation in the housing investment;chanroblesvirtualawlibrary
WHEREAS, there are domestic corporations and partnerships, which are
willing or already have plans to provide housing accommodation for the
low income group but are stymied by financial difficulties; chanroblesvirtualawlibrary
WHEREAS, Presidential Decree No. 745 provides such incentives but
qualified only workers, employees, and their domestic employers as the
recipients of these benefits, and it is incumbent upon government to
make available such incentives to all low income families and to those
who provide housing for the.
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines,
by virtue of the powers vested in me by the Constitution do hereby
decree and order the following:cralaw:red
Section 1. The National Housing Authority shall
finance under liberalized credit terms housing for low-income families
that may be proposed by domestic corporations, partnerships and
landowners organized and existing under Philippine law, operating for
profit, for low-income groups under any or all of the following schemes:cralaw:red
a. Affordable interest rates and repayment
terms; chanroblesvirtualawlibrary
b. Graduated amortizations scheme in a manner that
beneficiaries shall pay smaller amortizations during the initial period
of repayment; and
c. Government subsidy of a portion of the interest
payment, or a portion of the capital cost of construction.
Section 2. Domestic corporations, partnerships or
landowners as defined above which invest funds in housing for
low-income groups shall be allowed a reasonable margin of profit if
lots and dwelling units are to be sold to the low-income groups on easy
installments terms; or if the dwelling units be leased to the
low-income groups on a monthly rental basis.
Section 3. Pursuant to the above incentives, such
domestic corporations and partnerships and landowners shall enjoy tax
exemptions on:cralaw:red
a. Real estate taxes on the improvements which will
be used for housing by low-income groups; chanroblesvirtualawlibrary
b. Taxes on income derived from the installment sales
of houses to low income groups or income derived from rental thereof;
and
c. Taxes on interest earned due to the financing of
houses for the low-income groups.
Section 4. The National Housing Authority shall
define the low-income groups qualified in this decree and the extension
of housing benefits to these groups, upon the certification of the
Authority, shall entitle the domestic corporations, partnerships and
landowners to the incentives enumerated in this decree. Benefit of this
decree shall however cease upon evidence as decided by the Authority
that use of the housing units has passed to groups other than
low-income groups. The Authority shall formulate rules and regulations
to implement the provisions and intent of this section. chanroblesvirtualawlibrary
Section 5. The benefits of this decree shall accrue
only to new projects and development certified and approved by the
National Housing Authority as eligible for the grant under this
decree. chanroblesvirtualawlibrary
Section 6. All laws, orders and decrees as well as
rules and regulations inconsistent herewith are hereby repealed and/or
modified accordingly.
Section 7. This order shall take effect immediately.
DONE in the city of Manila,
this 14th day of October, in the year of Our Lord, nineteen hundred and
seventy-seven.
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