Authorizing Cities and Municipalities to Contract Loans for Homesites
Republic Act No. 267, enacted on June 15, 1948, authorizes cities and municipalities in the Philippines to secure loans for purchasing or expropriating homesites to subdivide and resell at cost. The loans may be obtained from specified financial institutions at an interest rate not exceeding 8% per annum. Homesites must be subdivided into lots of no more than 500 square meters, sold on a ten-year installment plan, with priority given to Filipino bona fide occupants and veterans. The act prohibits the sale of these lots to individuals who already own residential property, and title remains with the municipality until full payment is made. The Secretary of Finance, with presidential approval, is tasked with establishing necessary regulations to implement the law.
Law Information
- Reference Number
- Republic Act No. 267
- Date Enacted
- Category
- Statutes
- Subcategory
- Republic Acts
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
June 15, 1948
REPUBLIC ACT NO. 267
AN ACT AUTHORIZING CITIES AND MUNICIPALITIES TO CONTRACT LOANS FOR THE PURPOSE OF PURCHASING OR EXPROPRIATING HOMESITES AND SUBDIVIDING THEM FOR RESALE AT COST
SECTION 1. Cities and municipalities are authorized to contract loans from the Reconstruction Finance Corporation, the Philippine National Bank, and/or any other entity or person at a rate of interest not exceeding eight per cent per annum for the purpose of purchasing or expropriating homesites within their respective territorial jurisdiction and reselling them at cost to residents of the said cities and municipalities.
SECTION 2. The homesites so acquired shall be subdivided into lots not exceeding five hundred square meters each and sold on a ten-year installment plan, at the same rate of interest paid by the city or municipality for the loan used in acquiring the said homesites, preference being given to Filipino bona fide occupants and to Filipino veterans, their widows, and their children.
No such lot shall be sold to any person who already owns a residential lot, and any sale made to such person shall be void.
Before full payment of the homesite lot has been made, title therein shall remain vested in the city or municipality concerned: Provided, That no such lot, before full payment thereof, shall be transferred, encumbered, or otherwise disposed of by the purchaser thereof without the consent of the Mayor.
SECTION 3. The Secretary of Finance shall, with the approval of the President of the Philippines, make such rules and regulations as may be necessary to carry out the purposes of this Act.
SECTION 4. This Act shall take effect upon its approval.
Approved: June 15, 1948
Published in the Official Gazette, Vol. 44, No. 11, p. 4221 in November 1948
Cite This Law
Authorizing Cities and Municipalities to Contract Loans for Homesites, Republic Act No. 267, Jun 15, 1948 (Philippines)
Authorizing Cities and Municipalities to Contract Loans for Homesites, Republic Act No. 267 (Phil. 1948)
Related Laws
- Authorizing Cities, Municipalities and Provinces to Purchase and/or Expropriate Home Sites and Landed EstatesRepublic Act No. 498 • Jun 12, 1950 • Statutes
- Authority of NAPOCOR to Contract Loans from International Bank for Reconstruction and DevelopmentRepublic Act No. 357 • Jun 4, 1949 • Statutes
- Authority of Municipalities to Contract Loans from Certain Banks for Construction of Markets and SlaughterhousesRepublic Act No. 28 • Sep 25, 1946 • Statutes
- Special Fund for Loans to Provinces, Municipalities, and Chartered CitiesAct No. 3335 • Dec 7, 1926 • Statutes
- Authority of President to Contract Loans from Export and Import Bank of Tokyo, JapanRepublic Act No. 2612 • Jul 20, 1959 • Statutes
- An Act Authorizing Provinces, Municipalities, Townships, and Other Subdivisions or Branches of the Government of the Philippine Islands to Contract Indebtedness, under Certain ConditionsAct No. 2791 • Feb 17, 1919 • Statutes
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