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LETTER OF INSTRUCTIONS
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LETTER OF INSTRUCTIONS NO. 920 |
The Chairman National Home Mortgage Finance
Corporation
The General Manager National Housing Authority
The Governor
Central Bank of the Philippines
The President
Malacañang Homeowners Association, Inc.
All Concerned
WHEREAS, under Presidential Decree No. 293, an are which used to be part of the Tala Estate, now better known as the Pangarap Village, in Caloocan City was declared open for disposition and sale to members of the Malacañang Homeowners Association, Inc. (Association);
WHEREAS, in order to carry out the objectives and purposes of the aforecited decree, it is imperative to develop the land covered thereby into a viable, productive and progressive human settlement project; and
WHEREAS, the magnitude of the funding requirements of the project and the necessity to offer some sort of guarantee for the payment of loans and interests require the utmost cooperation and coordination of all government agencies concerned.
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Republic of the Philippines, by virtue of the powers vested in me by the Constitution, do hereby direct and order the following:
1)
The Association is hereby authorized to:
a)
undertake the development of Pangarap Village,
b) enter into
agreements with consultants and contractors,
c) organize
cooperatives and other business ventures, and
d) coordinate
with other government agencies to assure the integrated development of
Pangarap Village into a viable human settlement project.
3) All banking and/or lending institutions of the government, including the National Housing Authority and the Home Development Mutual Funds of the Ministry of Human Settlements, are hereby directed to grant loans and assistant to the members of the Association for the construction of houses on their land.
All Letters of Instructions, Executive Orders, Circulars, Rules and Regulations or parts thereof that are inconsistent herewith are hereby revoked or modified accordingly.
This Letter of Instruction shall take effect immediately.
DONE in the City of Manila, this 28th day of August in the year of Our Lord, nineteen hundred and seventy-nine.
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