-.

Republic or the Philippines

Office of thePresident
Housing and Urban Development Coordinating Council
HOUSING AND LAND USE REGULATORY BOARD

BOARD OF COMMISSIONERS
/
RESOLUTION NO. 79!)
Series of 2006

ACCREDITING PAG-IDIG HOUSING BONDS AS AN ALTERNATIVE

INVESTMENT OF SUBDIVISION OWNERJDEVELOPER IN COMPLIANCE
TO THE TWENTY PERCENT (20%) SOCIAL HOUSING DEVELOPMENT
REQUIREMENT UNDER SECTION 18 OF REPUBLIC ACT NO. 7279

WHEREAS, the Board encourages the production of socialized as well as open

market housing . Hence, it continually strives to look for means such that the private
sector could comply with the twenty percent (20%) balanced housing development
requirement under Section 18 of Republic Act No . 7279, otherwise known as the Urban
Development and Housing Act CUDHA) of 1992;

WHEREAS, in accordance with the opinion of the Department of Justice the

proposed inclusion of the purchase of housing bonds issued by local government units or
any housing agency is one of the modes of compliance to the socialized housing
requirement as the same is germane to the objects and purpose of the law and is within
thescope of the term joint venture as defined in the same law; \

WHEREFORE, be it resolved as it is hereby resolved that the request for the

accreditation of the Pag-IBIG Housing Bonds, Series 2006 of the Home Development
Mutual Fund as alternative investment of subdivision owner/developer in compliance to
the twenty percent (20%) socialized housing development requirement under Section 18
of Republic Act 7279 be approved as it is hereby approved .

APPROVED, 27 Nave."1lber 2U06 , Quezon City.

RO I
Chief Executive Officer
and Commissioner
' ,>

Resolution No. 799 Series if 2006

Accrediting Pag-IBIG Housing bonds as an Altemative lnvutment ofSulJdWUion OtmerlDeveloper in Compliance to
the Twenty Percent PO%) SocialHoruing1JnIeiopment Reqrdnmtent rmJer SecIWn 18 ifRepublicAct No. 7279

Page 2 of2

TERES~TO
Com missioner

0- C> 1I ~
A G T B. A ltO~ JESUSY PANG
Deput y Dire tor-General, NEDA Commissioner

J~~OB
DP~I'"
ARTUJM.
Commissioner
DUBLADO

Attested By:

G
•

SUNDAY, JANUARY 28; 2007

-- I

Ft..public of th .. l'1>i!ippin"
Offie.. o f thO' f id ..nl
HO'";"8 .nd Or b D.....lo p.......1Coord; ..",I" 1 Co.. """ 1
HOUSING AND LAND USE REG ULAT ORY BOARD

BOARD OF COMMISSIONERS
RESOLUTION NO. 799
5erles of 2006
ACCREDITlNG PAG-lBfG I+OUSING BONDS AS AH AUERHAnVE
INVESTMENT OF SUBDIVISION OWHERIDEVElOPEA IN CO" PIJANCE TOlllE
TWENTY PERCENT (2O'l') SOCIAL HOUSING DEVELOPMENT REOUIREMENT
UNDER SECTION 18OF REPUBUC ACTNO. 1219.
WHEREAS, the Boardencourages \tie pruduc:bon oIlOdailed IS weI.s opeI'l ma:ket
housilg. Hence. McdrP1uaIystnYes 10 look Iormeans such tNllhe privatesectorc:o..*l
awnpIy with !he Iwenty percent (20%) balanced housing de~eklpment requirement
trdef Sectiorl18 of Repubic AcINo. 7279. 0lhe1Wlse lmownaalhllJrtNlnDewelopnel_
aod HlJusjng Act (UDHAJ of 1992;
WHE REAS. in accordance with the opirMon ollhe Departmenl 01 Juslice the proposed
indusion 01 the purchase 01 IlooKI!I boods Issued by local go¥efMl8Ol units or any
Ilou$ing agencyisona otlhe modes 01 ~ IOthe lOCiailedhousing Iequiremeft
as the same isgermane 10 theobjects aOO purpose 01 the law aOO isWIlhin the scope 01
the term joint Vlll'llw1l astleflll&d in the same lew:
WHEREFORE, be it re90lYed 8$ it ISI'lereby lhalille f&tPesllor Itle accreditation of
the Pa~IBIG Housing Bonds, SElries 2006ollhe Home OeYlIlopmel'II Mutual Fund as
allemalive invesln\tlnt 01 subdivislon OWllllr/d!veloper in compbance 10 the twenty
percenl (20%) SOCialized housillg dav&lopmenl requiremenl under seeuee 18 of
Republic Ad 7<179 be approved as ills her6by apprOVfld.
APPROVED, 27 November 2006, QlMllDn City.

',$P''''''rn",.n--
THE HolKl ABLE N DE 04S RO
Vice.Pros i en ollhe Phllippin&8 & 111" '",,:
~ HUDrC Chairman , '
5i'X9-']
-,. -
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.. .
' ,{"ERNESTO L PINE DA
Und&rsecrotary, OOJ
~o·a~~Z~
Chiel E~&<:ullve Olfk:&r
andCommbslooer

A/~
WE NCELTTO T. ANDANAR
~)
TERESITA A. DESIERTO
,-uroersecreiery, DILG Commisslon&t'

C) ~
, AUGUSTO . Akro1
,( ]
J
Deputy Oil lor-General. NEDA
qs;;,.Li>
JoI<.lJACOB
DPWH

e$led by:

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( HlI- J~ 211.2OO7)