RESOLUTION NO. R-656, LIMITING JOINT VENTURE PROJECTS AS A MODE OF COMPLIANCE TO THE BALANCED HOUSING DEVELOPMENT PROVISION OF REPUBLIC ACT NO. 7279 TO THOSE ENTERED INTO BY AND…

1.         Quoted hereunder is the text of the subject resolution
which was approved by the Board of Commissioners on 15 December 1999:

“WHEREAS, Section 18 (c) of Republic Act No. 7279, otherwise known
as the Urban Development and Housing Act of 1992, provides that the
balanced housing development requirement may be complied with by the
developers concerned by way, among others, of joint venture projects for
socialized housing development with either the local government units
or any of the housing agencies;

WHEREAS, to spur greater private sector participation in
socialized housing development and production, the Board previously
allowed, as a mode of compliance to the twenty percent (20%) socialized
housing requirement of RA No. 7279, joint ventures for the development
of socialized housing projects entered into by a developer with another
private developer under Resolution No. R-543, dated 14 March 1994; and

WHEREAS, the Board, following a reexamination of its rules
implementing Section 18 of RA No. 7279, finds that limiting joint
venture agreements to those with the participation of the local
government units or any of the housing agencies would ensure that the
law’s target beneficiaries are served by the socialized housing projects
undertaken and is more in accord with the letter and intent of the law;

WHEREFORE, BE IT RESOLVED AS IT IS HEREBY RESOLVED, that
Resolution No. R-543, dated 14 March 1994, of this Board, be REVOKED as
the same is hereby REVOKED, thereby, limiting joint venture projects as a
mode of compliance to the balanced housing development provision of
Republic Act No. 7279 to those entered into by and between a developer
and the local government unit or any of the housing agencies;

BE IT RESOLVED FURTHER, AS IT IS HEREBY FURTHER RESOLVED, that all
other rules, regulations and resolutions of the Board referring to
joint ventures for socialized housing projects inconsistent herewith be
REVOKED OR MODIFIED accordingly as the same are hereby REVOKED and
MODIFIED.

APPROVED, 15 December 1999, Quezon City, Metro Manila.”

2.         This resolution was published in Ang Malaya on 16
February 2000 and, pursuant to the provisions of law, takes effect on 02
March 2000.

Please be guided accordingly.

Adopted: 18 Feb. 2000

(SGD.) ROMULO Q.M. FABUL
Chief Executive Officer