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PD 267

This act authorizes cities and municipalities to contract loans at an interest rate not exceeding 8% per annum to purchase or expropriate land for homesites. The homesites can then be subdivided into lots no larger than 500 square meters and sold to residents on a 10-year installment plan at the same interest rate as the original loan. Preference is given to Filipino occupants, veterans, widows, and children. The title remains with the city until full payment is made, and lots cannot be transferred or encumbered without mayoral consent before being fully paid off. The Secretary of Finance will establish rules to implement the purposes of this act.

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68 views2 pages

PD 267

This act authorizes cities and municipalities to contract loans at an interest rate not exceeding 8% per annum to purchase or expropriate land for homesites. The homesites can then be subdivided into lots no larger than 500 square meters and sold to residents on a 10-year installment plan at the same interest rate as the original loan. Preference is given to Filipino occupants, veterans, widows, and children. The title remains with the city until full payment is made, and lots cannot be transferred or encumbered without mayoral consent before being fully paid off. The Secretary of Finance will establish rules to implement the purposes of this act.

Uploaded by

Krstn Qbd
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© © All Rights Reserved
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REPUBLIC ACT NO.

267
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.

Sec. 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.

Sec. 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.

Sec. 4. This Act shall take effect upon its approval.

Approved: June 15, 1948


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