Deferment of Eviction, Foreclosure and Cancellation of Housing Accounts
Executive Order No. 281, issued on February 9, 2004, provides a six-month deferment of eviction, foreclosure, and cancellation of housing accounts for low-income borrowers affected by the economic crisis. The order applies to delinquent housing loan accounts across various government agencies under the National Shelter Program, but excludes unoccupied units and accounts with no payments. It also mandates the implementation of an Affordable Loan Restructuring Program (ALRP), aimed at creating manageable repayment terms for borrowers. An Inter-Agency Task Force is established to formulate rules for the order and monitor compliance. This Executive Order took effect immediately.
Quick Answers
- What is Deferment of Eviction, Foreclosure and Cancellation of Housing Accounts about?
- Executive Order No. 281, issued on February 9, 2004, provides a six-month deferment of eviction, foreclosure, and cancellation of housing accounts for low-income borrowers affected by the economic crisis. The order applies to delinquent housing loan accounts across various government agencies under the National Shelter Program, but excludes unoccupied units and accounts with no payments. It also mandates the implementation of an Affordable Loan Restructuring Program (ALRP), aimed at creating manageable repayment terms for borrowers. An Inter-Agency Task Force is established to formulate rules for the order and monitor compliance. This Executive Order took effect immediately.
- What type of law is Executive Order No. 281?
- Deferment of Eviction, Foreclosure and Cancellation of Housing Accounts (Executive Order No. 281) is a Philippine Presidential Issuances enacted by the Congress of the Philippines.
- When was Deferment of Eviction, Foreclosure and Cancellation of Housing Accounts enacted?
- Deferment of Eviction, Foreclosure and Cancellation of Housing Accounts (Executive Order No. 281) was enacted on Feb 9, 2004.
- What is the citation for Deferment of Eviction, Foreclosure and Cancellation of Housing Accounts?
- Deferment of Eviction, Foreclosure and Cancellation of Housing Accounts, Executive Order No. 281, Feb 9, 2004 (Philippines)
Law Information
- Reference Number
- Executive Order No. 281
- Date Enacted
- Category
- Presidential Issuances
- Subcategory
- Executive Orders
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
February 9, 2004
EXECUTIVE ORDER NO. 281
PROVIDING FOR DEFERMENT OF EVICTION, FORECLOSURE AND CANCELLATION OF HOUSING ACCOUNTS AND THE FORMULATION AND IMPLEMENTATION OF AFFORDABLE LOAN RESTRUCTURING PROGRAMS DURING SUCH DEFERMENT PERIOD
WHEREAS, the economic crisis has affected the paying capacity of housing loan member borrowers in the low income group, resulting in a large number of them being delinquent in paying their monthly amortizations;
WHEREAS, there is need to give temporary relief to the affected borrowers for them to be able to work-out solutions to keep their homes.
NOW, THEREFORE I, GLORIA MACAPAGAL-ARROYO, President of the Republic of the Philippines, by virtue of the powers vested in me by law, do hereby order:
SECTION 1. Deferment of Eviction, Foreclosure and Cancellation of Housing Accounts. — There shall be a deferment of eviction, foreclosure and cancellation of housing accounts for a period of six (6) months from date hereof. CDTAbench
SECTION 2. Coverage. — This deferment shall cover all delinquent housing loan accounts for cancellation and foreclosure, foreclosed accounts and consolidated accounts with all government agencies and institutions under the National Shelter Program (NSP), such as the National Home Mortgage Finance Corporation (NHMFC), Home Development Mutual Fund (HDMF), Government Service Insurance Corporation (GSIS), and Social Security System (SSS).
SECTION 3. Exclusions. — However, this Order shall not apply to the following:
a. unoccupied housing units
b. accounts with no single payment since take-out
c. restructured accounts
d. consolidated accounts which were already disposed through sale or rent-to-own scheme
e. accounts covered by Developers Buyback Guarantee
SECTION 4. Implementation of Affordable Loan Restructuring Program (ALRP). — The concerned agencies and institutions shall review their existing loan restructuring programs and remedial measures with the end in view of adopting affordable schemes and remedies with terms and conditions that borrowers will be able to comply with.
The revised ALRP shall be offered to borrowers for availment within fifteen (15) days from date hereof.
SECTION 5. Creation of an Inter-Agency Task Force. — An Inter-Agency Task Force shall be created composed of the following:
| Chairman | – | Secretary General, HUDCC |
| Members | – | President, NHMFC |
| President, HDMF | ||
| President, GSIS | ||
| President, SSS |
The Task Force shall invite representatives from the Senate Committee on Urban Planning, Housing and Resettlement and the House Committee on Housing and Urban Development to its meetings.
The Task Force shall formulate the implementing rules and regulations of this Order and the Affordable Loan Restructuring Program within fifteen (15) days from date of this Order.
The Housing and Urban Development Coordinating Council (HUDCC) shall monitor the compliance by the concerned agencies with this Order.
SECTION 6. This Executive Order shall take effect immediately.
DONE in the City of Manila, this 9th day of February, in the year of Our Lord, Two Thousand and Four.
Cite This Law
Deferment of Eviction, Foreclosure and Cancellation of Housing Accounts, Executive Order No. 281, Feb 9, 2004 (Philippines)
Deferment of Eviction, Foreclosure and Cancellation of Housing Accounts, Executive Order No. 281 (Phil. 2004)
Related Laws
- Condonation of Penalties on Delinquent Housing Loan Accounts with HDMFNational Emergency Memorandum Order No. 32 • Jun 5, 1990 • Presidential Issuances
- Rules and Regulations Implementing Executive Order No. 281EO 281-2004 • Implementing Rules and Regulations
- SOP on Summary Eviction of Illegal Occupants and Dismantling of Structures in NHA-Owned or Administered Properties and ProjectsNHA Memorandum Circular No. 2506-13 • Apr 25, 2013 • Other Rules and Procedures
- Guidelines Implementing the Pag-IBIG Fund Socialized and Low-Cost Housing Loan Restructuring and Penalty Condonation ProgramHDMF Circular No. 248-09 • Jun 10, 2009 • Other Rules and Procedures
- Procedural Guidelines in Case of Demolition and EvictionOCA Circular No. 328-2022 • Nov 22, 2022 • Supreme Court Issuances
- Rules and Regulations Implementing Republic Act No. 9507 Entitled an Act to Establish a Socialized and Low-Cost Housing Loan Restructuring and Condonation Program, Providing the Mechanisms therefor and for Other PurposesIRR-RA 9507 • Implementing Rules and Regulations
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