AMENDING SECTION 3.C.4 OF IMPLEMENTING RULES AND REGULATIONS TO GOVERN SECTION 18 OF RA 7279
WHEREAS, Joint Ventures are governed by the law on partnerships;
WHEREAS, there is a need to require the provision of the two basic elements of a partnership to ensure that the joint ventures submitted as compliance -to Section 18 of RA 7279, legally quaiify as such;
WHEREFORE, be it RESOLVED, as it is hereby RESOLVED, that Section 3.C.4 of Implementing Rules and Regulations to Govern Section 18 of RA 7279 be revised to read as follows:
“Section 3. Mode of Compliance.
(a) For main subdivision projects which are limited to the sale of lots only; xxx
(b) For main subdivision projects which consist of the sale of house and lot packages: xxx
(c)The socialized housing project equivalent to twenty percent (20%) of total subdivision project cost may also be complied with any of the following manner feasible in the municipality or city: xxx
(3) Community Mortgage Program (CMP). The developers participation in a CMP project may either be any of the following: xxx
(4) Joint-Venture Projects. The developer may enter into a joint project or agreement with the concerned local government unit, with another private developer or any of the housing agencies, to develop a socialized housing project. His participation shalf be equivalent to 20% of project area or 20% of the cost of the main subdivision project. The developer shall be required to submit to the HLRB a copy of the Joint-Venture Project. THE JOINT VENTURE AGREEMENT SHOULD CONTAIN THE FOLLOWING: THE CONTRIBUTION OF A SPECIFIED SUM TO A COMMON FUND AND THE SHARING OF PROFITS, x x x”
Adopted: 17Aug. 2007
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(SGD.) THE HONORABLE NOLI L. DE CASTRO
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Vice President of the Philippines
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and Chairman, HUDCC
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(SGD.) ERNESTO L. PINEDA
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(SGD.) ROMULO Q. FABUL
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Undersecretary, DOJ
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Chief Executive Officer and Commissioner
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(SGD.) AUGUSTO B. SANTOS
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(SGD.) TERESITA A. DESIERTO
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Deputy Director-General, NEDA
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Commissioner
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(SGD.) AUSTERE A. PANADERO
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(SGD.) JESUS YAP PANG
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Assistant Secretary, DILG
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Commissioner
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(SGD.) JOEL I. JACOB
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(SGD.) ARTURO M. DUBLADO
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DPWH
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Commissioner
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ATTESTED BY:
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(SGD.) CHARITO B. LANSANG
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Board Secretary
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