Authorizing Cities, Municipalities and Provinces to Purchase and/or Expropriate Home Sites and Landed Estates
Republic Act No. 498, enacted on June 12, 1950, empowers cities, municipalities, and provinces in the Philippines to purchase or expropriate home sites and landed estates for the purpose of resale at cost to residents. These local government units may utilize their own funds or secure loans from authorized entities, with an interest rate capped at eight percent per annum. Acquired properties must be subdivided into lots not exceeding 500 square meters, sold on an installment plan of up to ten years, with priority given to Filipino bona fide occupants and veterans' families. Ownership of the lot remains with the local government until full payment is made, and individuals who already own residential property are ineligible to purchase additional lots.
Quick Answers
- What is Authorizing Cities, Municipalities and Provinces to Purchase and/or Expropriate Home Sites and Landed Estates about?
- Republic Act No. 498, enacted on June 12, 1950, empowers cities, municipalities, and provinces in the Philippines to purchase or expropriate home sites and landed estates for the purpose of resale at cost to residents. These local government units may utilize their own funds or secure loans from authorized entities, with an interest rate capped at eight percent per annum. Acquired properties must be subdivided into lots not exceeding 500 square meters, sold on an installment plan of up to ten years, with priority given to Filipino bona fide occupants and veterans' families. Ownership of the lot remains with the local government until full payment is made, and individuals who already own residential property are ineligible to purchase additional lots.
- What type of law is Republic Act No. 498?
- Authorizing Cities, Municipalities and Provinces to Purchase and/or Expropriate Home Sites and Landed Estates (Republic Act No. 498) is a Philippine Statutes enacted by the Congress of the Philippines.
- When was Authorizing Cities, Municipalities and Provinces to Purchase and/or Expropriate Home Sites and Landed Estates enacted?
- Authorizing Cities, Municipalities and Provinces to Purchase and/or Expropriate Home Sites and Landed Estates (Republic Act No. 498) was enacted on Jun 12, 1950.
- What is the citation for Authorizing Cities, Municipalities and Provinces to Purchase and/or Expropriate Home Sites and Landed Estates?
- Authorizing Cities, Municipalities and Provinces to Purchase and/or Expropriate Home Sites and Landed Estates, Republic Act No. 498, Jun 12, 1950 (Philippines)
Law Information
- Reference Number
- Republic Act No. 498
- Date Enacted
- Category
- Statutes
- Subcategory
- Republic Acts
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
June 12, 1950
REPUBLIC ACT NO. 498
AN ACT AUTHORIZING CITIES, MUNICIPALITIES AND PROVINCES TO PURCHASE AND/OR EXPROPRIATE HOME SITES AND LANDED ESTATES AND SUBDIVIDE THEM FOR RESALE AT COST, AND TO USE THEIR OWN FUNDS OR CONTRACT LOANS FOR THE PURPOSE, AMENDING FOR SUCH PURPOSES REPUBLIC ACT NUMBERED TWO HUNDRED AND SIXTY-SEVEN
SECTION 1. The title of Republic Act Numbered Two hundred and sixty-seven is amended to read as follows: casia
"An Act authorizing cities, municipalities and provinces to purchase and/or expropriate home sites and landed estates and subdivide them for resale at cost, and to use their own funds or contract loans for the purpose."
SECTION 2. Section one of Republic Act Numbered Two hundred and sixty-seven is amended to read as follows:
"Sec. 1. Cities, municipalities and provinces are authorized to purchase and/or expropriate home sites and landed estates within their respective jurisdictions and resell them at cost to residents of the said provinces, cities and municipalities, and to use their own funds or contract loans for the purpose from the Reconstruction Finance Corporation and the Philippine National Bank, both of which are authorized to grant such loans, and/or any other entity or person at a rate of interest not exceeding eight per cent per annum."
SECTION 3. Section two of Republic Act Numbered Two hundred and sixty-seven is amended to read as follows:
"Sec. 2. The landed estates or home sites so acquired shall be subdivided into lots not exceeding five hundred square meters each and sold on an installment plan not exceeding ten years, at the same rate of interest paid by the province, city or municipality for the loan used in acquiring the said landed estates or home sites, 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 home site has been made, title therein shall remain vested in the province, 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."
SECTION 4. This Act shall take effect upon its approval.
Approved: June 12, 1950
Published in the Official Gazette, Vol. 46, No. 8, p. 3550 in August 1950
Cite This Law
Authorizing Cities, Municipalities and Provinces to Purchase and/or Expropriate Home Sites and Landed Estates, Republic Act No. 498, Jun 12, 1950 (Philippines)
Authorizing Cities, Municipalities and Provinces to Purchase and/or Expropriate Home Sites and Landed Estates, Republic Act No. 498 (Phil. 1950)
Related Laws
- Authority of President To Negotiate for Acquisition of Portions of Large Landed Estates for ResaleCommonwealth Act No. 20 • Jul 11, 1936 • Statutes
- Expropriation of Landed Estates or Haciendas in the City of ManilaRepublic Act No. 1162 • Jun 18, 1954 • Statutes
- Amendments to R.A. No. 1162 Re: Expropriation of Landed Estates or HaciendasRepublic Act No. 1599 • Jun 17, 1956 • Statutes
- An Act Authorizing Provinces and Municipalities to Purchase and Own Shares of Stock of the Philippine National BankAct No. 2954 • Feb 19, 1921 • Statutes
- An Act Authorizing the President of the Philippines to Enter into Negotiations with Owners of Landed Estates in the Philippines for the Purpose of Leasing Such Estates and to Sublet the Same to Bona Fide Occupants or Qualified Persons, Appropriating Funds ThereforCommonwealth Act No. 378 • Aug 23, 1938 • Statutes
- An Act to Authorize the Conversion into a Corporation of the Instrumentality or Agency in Charge of Subleasing Landed Estates Acquired Through Lease or Purchase under Commonwealth Act Numbered Three Hundred and Seventy-EightCommonwealth Act No. 420 • May 31, 1939 • Statutes
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