WHEREAS,
national development in the context of the New Society is measured in
terms of the fulfillment of each Filipino's aspiration for a better
life; chanroblesvirtualawlibrary
WHEREAS, the enjoyment of a decent and adequate shelter with the
appropriate community services and facilities has been and continues to
be the aspiration of the mass of the Filipino families;chanroblesvirtualawlibrary
WHEREAS, the Government is committed to bring the benefits of the New
Society to the people through the provision of adequate housing and in
this direction, the Government has formulated a National Housing
Program under the Five-Year Philippine Development Plan, otherwise
known as the Presidential Decree No. 1200, to deliver and answer this
commitment;chanroblesvirtualawlibrary
WHEREAS, the meaningful fulfillment of this commitment demands
investments of funds and other resources of government, as well as the
concerted effort of government agencies;chanroblesvirtualawlibrary
WHEREAS, pursuant to Presidential Decree No. 757, the National Housing
Authority is the principal agency tasked with providing and maintaining
adequate housing for the greatest number of people, undertaking housing
development and resettlement and harnessing and promoting private
participation in housing;chanroblesvirtualawlibrary
WHEREAS, the National Housing Program as mandated by Presidential
Decree No. 757 and as formulated in the Five-Year Philippine
Development Plan is slanted toward the provision of adequate housing
for the marginal and low-income families in the slums, squatter areas
and other blighted communities in urban centers of the country, which
families require government subsidies to have access to even minimum
community services and facilities; chanroblesvirtualawlibrary
WHEREAS, the primary approach to housing development particularly for
the marginal and low-income families, is toward the participation of
all national and local government agencies concerned;chanroblesvirtualawlibrary
WHEREAS, there is a need to provide a source of funds for the
participation of such national and local government agencies in housing.
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines,
by virtue of the powers vested in me by the Constitution, do hereby
order and decree:cralaw:red
Section 1. Section 4 of Presidential Decree No. 757
is hereby amended to read as follows:cralaw:red
"Sec. 4. Capitalization. — The Authority shall have
an authorized capital of TWO BILLION PESOS (P2,000,000,000) which shall
be fully subscribed by the Republic of the Philippines and paid as
follows:cralaw:red
(a) The sum of TWO HUNDRED MILLION PESOS
(P200,000,000) upon approval of this Decree is hereby appropriated out
of the funds in the National Treasury not otherwise appropriated, FIVE
MILLION PESOS (P5,000,000) of which shall be released upon approval by
the President; and
(b) The balance of the subscribed capitalization
shall be paid over a period of nine (9) years in accordance with such
payment schedule as may be approved by the President: Provided, That,
the assets and balances of appropriations transferred to the Authority
pursuant to the provisions of Section 5 hereof, shall not be included
in determining the capital of the Authority as provided for in
this Section. chanroblesvirtualawlibrary
Section 2. Any amount payable to the National Housing
Authority in the years past under the schedule provided for in Section
1 above and due to the increased capitalization of the Authority as
herein decreed shall be released to the Authority within two (2) years
from the effectivity of this Decree.
Section 3. A Housing Fund is hereby authorized to be
constituted within the Office of the President, to provide a source of
funds for components of National Housing Program. The Fund shall
consist of contributions from agencies of the national government
involved in the implementation of the housing program and shall be
released upon the recommendation of the National Housing Authority
through the National Economic and Development Authority and approval by
the President.
Section 4. This Decree shall take effect immediately.
Done in the City of Manila,
this 10th day of June, in the year of Our Lord, nineteen hundred and
seventy-eight.
|