New economic bills ratified

The House of Representatives ratified several significant economic bills a day before convening in a joint session with Senate as the National Board of Canvassers.

The Balanced Housing Development Act which seeks to partly address the huge housing backlog and strengthen the socialized housing program was among those ratified. Negros Occidental Rep. Alfredo “Albee” Benitez authored the measure in the Lower House.

The Lower House also ratified the bill amending foreign ownership restrictions in specific laws governing adjustment companies, lending companies, financing companies and investment houses cited in the foreign investment negative list.

Also ready for the President’s signature are the Philippine Credit Card Industry bill; a bill seeking to provide increased financial support to agrarian reform beneficiaries and the proposed Exact Change Act.

Benitez, chairman of the House Committee on Housing and Urban Development, said the balanced housing bill proposes a framework plan whereby owners and/or developers of proposed subdivision and condominium projects shall be required to develop an area for socialized housing equivalent to at least 15 percent of the total subdivision area or total subdivision project cost and at least 5 percent of condominium are or project cost, at the option of the developer, in accordance with the standards as provided by law. Provided, that proposed socialized subdivision projects and proposed socialized condominium projects shall be exempt from this requirement.

The Visayan Bloc leader said the Housing and Urban Development Coordinating Council and the National Economic and Development Authority shall jointly determine and set separate socialized housing price ceilings for social subdivision and socialized condominium projects with shall be mandatorily reviewed or revised every two years.