LOAN RESTRUCTURING AND CONDONATION PROGRAM SIGNING TO HIGHLIGHT LAGUNA HOUSING,POWER PROJECTS GROUNDBREAKING
October 12, 2008

The signing of President Gloria Macapagal Arroyo of a housing loan restructuring law will highlight the groundbreaking of two major projects in Louisiana , Laguna today (Oct 13).

According to Vice President and Housing and Urban Development Coordinating Council (HUDCC) concurrent chairman Noli 'Kabayan' De Castro, the signing of Republic Act 9507 takes center stage during the event as it is expected to benefit thousands of delinquent home loan borrowers in the country.

De Castro said RA 9507 aims to establish a socialized or low-cost housing loan restructuring and condonation program.

The program, he said, aims to help home loan borrowers not to lose their houses despite having difficulties in paying their monthly amortizations.

Before the signing, De Castro said the president will lead the groundbreaking of a shelter project and the switch-on ceremonies for a rural electrification program.

Expected to join the occasion are officials of the local government of Laguna as well as leaders of the power industry and various heads of the key shelter agencies.

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