Revised Definition of Socialized and Low-Cost Housing

, BANOKo Senrnal Ng PILIPINAE OFFICE OF THE GOVERNOR ctRcutAR No. 724 Series of 2011 Subject Revised Definition of Socialized and Low{ost Housing Pursuant to Monetary Board Resolution No. 7G8 dated 2G May 2011, the definition of "socialized Housingf' and "Low-cost Housingi' as provided under the Manual of Regulation on Foreign Exchange Transactions issued under Circular No. 645 dated t3 February 2009, as amended, are hereby revised to read as foltows: "Socialized Housing refers to housing packages with loan ceilings of not more than PHP400,000, or in such other amounts which the Housing and Urban Development Coordinating Council (HUDCC) may prescribe in the future." "Low-Cost Housing refers to housing packages with loan ceilings ranging from above PHP400,000 up to PHP3 million or in such other amounts which HUDCC may prescribe in the future." This circular shall take effect 15 cafendar days following its publication either in the Official Gazette or in a newspaper of general circulation. FOR THE MONETARY BOARD: M. TETANGCO, JR. 13 lune zou A. Mabinl st., Malate 10et Manlla, phlllppines o (632) 524-7o11 . www,bsp.gov,pl . bspmail@bsp,gor,ph