Hon. Felicito C. Payumo

September 1, 1995 Hon. Felicito C. Payumo House of Representatives Committee on Economic Affairs Quezon City, Metro Manila S i r : In connection with your letter-invitation/request dated August 29, 1995 concerning House Bill No. 970 (An Act Modifying the Definition of A Condominium Units, Amending For The Purpose Act No. 4726, Otherwise Known As the Condominium Law) which extends the application of the present Condominium Law to " industrial estates ", please be informed that we do not interpose objection on the passage of said proposed legislative measure. cdll However, the legislative intention of opening foreign ownership in industrial estate condominium corporations, as can be gleaned from the Explanatory Note of the Bill, should be guided by the following declared state policy mandated by the Philippine Constitution, quoted hereunder: "The State shall develop a self-reliant and independent national economy effectively controlled by Filipinos ." (Sec. 19, Article II, emphasis supplied) Further, we would like to suggest that since under the Bill the registration and regulation of condominium corporations are vested with the Housing and Land Use Regulatory Board, (HLURB) , it would be advisable, for purposes of clarity, to insert therein a proviso stating that all condominium corporations existing in the Philippines on the date of the effectivity of the Bill and registered thereafter shall now be under the supervision and regulation by the HLURB which shall exercise the powers, authorities and responsibilities that are presently vested with the Securities and Exchange Commission with respect to such corporations. llcd Very truly yours, (SGD) PERFECTO R. YASAY, JR. Acting Chairman