WHEREAS, Joint Ventures are one of the modes of compliance to Sec 18 of RA 7279;

WHEREAS, Joint Ventures are governed by the law on partnerships;

WHEREAS, there is a need to require the provision of the two basic elements of a partnership to ensure that the joint ventures submitted as compliance -to Section 18 of RA 7279, legally quaiify as such;

WHEREFORE, be it RESOLVED, as it is hereby RESOLVED, that Section 3.C.4 of Implementing Rules and Regulations to Govern Section 18 of RA 7279 be revised to read as follows:

"Section 3. Mode of Compliance.

(a) For main subdivision projects which are limited to the sale of lots only; xxx

(b) For main subdivision projects which consist of the sale of house and lot packages: xxx

(c)The socialized housing project equivalent to twenty percent (20%) of total subdivision project cost may also be complied with any of the following manner feasible in the municipality or city: xxx

(3) Community Mortgage Program (CMP). The developers participation in a CMP project may either be any of the following: xxx

(4) Joint-Venture Projects. The developer may enter into a joint project or agreement with the concerned local government unit, with another private developer or any of the housing agencies, to develop a socialized housing project. His participation shalf be equivalent to 20% of project area or 20% of the cost of the main subdivision project. The developer shall be required to submit to the HLRB a copy of the Joint-Venture Project. THE JOINT VENTURE AGREEMENT SHOULD CONTAIN THE FOLLOWING: THE CONTRIBUTION OF A SPECIFIED SUM TO A COMMON FUND AND THE SHARING OF PROFITS, x x x"

Adopted: 17Aug. 2007

(SGD.) THE HONORABLE NOLI L. DE CASTRO
Vice President of the Philippines
and Chairman, HUDCC
(SGD.) ERNESTO L. PINEDA	(SGD.) ROMULO Q. FABUL
Undersecretary, DOJ	Chief Executive Officer and Commissioner
(SGD.) AUGUSTO B. SANTOS	(SGD.) TERESITA A. DESIERTO
Deputy Director-General, NEDA	Commissioner
(SGD.) AUSTERE A. PANADERO	(SGD.) JESUS YAP PANG
Assistant Secretary, DILG	Commissioner
(SGD.) JOEL I. JACOB	(SGD.) ARTURO M. DUBLADO
DPWH	Commissioner
ATTESTED BY:
(SGD.) CHARITO B. LANSANG
Board Secretary