Amnesty on Delinquency Interest on NHA Loans

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PRESIDENTIAL DECREE NO. 1923: Amnesty on Delinquency Interest on NHA Loans

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Title Supreme Court: Amnesty on Delinquency Interest on NHA Loans

Law: Presidential Decree No. 1923

Decision Date: May 6, 1984

An amnesty is declared on the payment of delinquency interests for beneficiaries of residential lots in designated projects of the National Housing Authority, aiming to alleviate economic dislocation and provide stability during a recession. Failure to settle outstanding accounts within 90 days may result in eviction from occupied homelots.

delinquency interests

residential lots

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Role of the National Housing Authority (NHA)

NHA serves as the lead agency under the Ministry of Human Settlements to implement slum improvement and sites and services programs.
NHA disposes residential lots and dwelling units through methods such as sale with mortgage, lease, or award to qualified low- and marginal-income beneficiaries.

Economic Context and Compassionate Considerations

The law recognizes economic difficulties faced by beneficiaries due to prevailing economic recession.
Emphasizes humanitarian intervention through government action to ease the burden on the poor.
Aims to provide beneficiaries a fair chance to stabilize economically and fulfill their financial obligations.

Amnesty on Delinquency Interests (Section 1)

Delinquency interests on overdue accounts due as of April 30, 1984, for beneficiaries of residential lots/dwelling units in designated NHA projects are condoned.
The General Manager of NHA, with Board approval, determines the applicable projects and beneficiaries.

Credit for Previously Paid Delinquency Interests (Section 2)

Beneficiaries who have already paid delinquency interests by the cutoff date are credited the amount paid against their principal balances.

Conditions for Availing Amnesty and Account Settlement (Section 3)

Beneficiaries must settle outstanding amounts or agree to restructure payment schedules within 90 days from publication of implementing rules and regulations.
Restructuring may involve determining new amortization schedules.

Consequences of Non-Compliance (Section 4)

Failure to settle accounts or reach new agreements within the 90-day period results in forfeiture of amnesty.
The NHA is authorized to summarily evict delinquent beneficiaries from the occupied home-lots or dwelling units.

Regulatory Authority and Implementation (Section 5)

The NHA General Manager is tasked to issue implementing rules and regulations.
These rules require the approval of the NHA Board of Directors.

Effectivity Clause (Section 6)

The decree is effective immediately upon issuance.

END