CHIZ SAYS REFORMING 54-YEAR-OLD RA 6552 VITAL TO BRIDGING HOUSING, FINANCE GAPS
CHIZ SAYS REFORMING 54-YEAR-OLD RA 6552 VITAL TO BRIDGING HOUSING, FINANCE GAPS Senator Francis “Chiz” Escudero is pressing for amendments to Republic Act No. 6552 or the Realty Installment Buyer Act, saying the 54‑year‑old law must be updated to fit today’s housing and financial landscape. Escudero, chair of the Senate Committee on Urban Planning, Housing and Resettlement, said families face unfair treatment under the current framework, and told colleagues that a single missed payment should not erase years of hard work and investment toward owning a home. “In pushing this bill, we give Filipino homebuyers a better chance of making it to the finish line—and finally calling the home they have worked and paid for their own. One missed payment should be a setback, not the end of the road toward owning a home,” he said. At Tuesday’s plenary, the veteran legislator sponsored Senate Bill No. 2504, which he said will expand protections for Filipino homebuyers who purch...