Administration of the Home Development Mutual Funds Created Under P.D. No. 1530
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Administration of the Home Development Mutual Funds Created Under P.D. No. 1530
Executive Order No. 527
March 1, 1979
Case Overview and Summary
Summary of Executive Order No. 527Transfer of Administration of Home Development Mutual Funds
- The administration, custody, disposal, and utilization of the Home Development Mutual Funds created under Presidential Decree No. 1530 are transferred from the Government Service Insurance System (GSIS) and the Social Security System (SSS) to the National Home Mortgage Finance Corporation (NHMFC). (Section 1)
- The NHMFC is granted authority to promulgate implementing rules and regulations pertaining to the functions, transmittal of periodic collections, membership matters, privileges and benefits, and availment and enforcement of housing loans. (Section 1)
Collection and Turnover of Funds
- The GSIS and SSS shall continue with the collection of the Home Development Mutual Funds and turn them over periodically to the NHMFC. (Section 2)
- The NHMFC shall pay service fees to the GSIS and SSS for such collections, not exceeding 4% of the said Funds. (Section 2)
Information and Education Campaign
- The NHMFC shall support the collection activities of the GSIS and SSS with a nationwide information and education campaign, the cost of which shall not exceed 1/2% of the said Funds. (Section 3)
Immediate Effect
- This Executive Order shall take effect immediately. (Section 4)
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Executive Issuances
Executive Orders
Home Development Mutual Funds
Presidential Decree No. 1530
Government Service Insurance System (GSIS)
Social Security System (SSS)
National Home Mortgage Finance Corporation (NHMFC)
housing loans
National Shelter Program
Ministry of Human Settlements
home mortgages
housing problem
low-interest housing funds
secondary market
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Administration of the Home Development Mutual Funds Created Under P.D. No. 1530
Executive Order No. 527
•March 1, 1979
EXECUTIVE ORDER NO. 527 March 1, 1979
ADMINISTRATION OF THE HOME DEVELOPMENT MUTUAL FUNDS CREATED UNDER P.D. NO. 1530
WHEREAS, Presidential Decree No. 1530 has created the Home Development Mutual Funds for the purpose of assisting employees of both the government and the private sectors in acquiring or constructing their own homes;
WHEREAS, the said Home Development Mutual Funds could not attain viability on their own and may only by harnessed fully if me get with other long-term funds;
WHEREAS, the government has declared housing as a major national concern and has created a National Home Mortgage Finance Corporation which has been charged with the development of a secondary market for home mortgages and financial strategies to solve the housing problem;
WHEREAS, there is an urgent need to consolidate all long-term, low-interest housing funds under the administration of a singular agency to support the National Shelter Program of the Ministry of Humans Settlements;
NOW, THEREFORE, I, FERDINAND E. MARCOS, President and Prime Minister of the Republic of the Philippines, by virtue of the powers vested...
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Amends
n/a
Amended by
n/a
Tags
Executive Issuances
Executive Orders
Home Development Mutual Funds
Presidential Decree No. 1530
Government Service Insurance System (GSIS)
Social Security System (SSS)
National Home Mortgage Finance Corporation (NHMFC)
housing loans
National Shelter Program
Ministry of Human Settlements
home mortgages
housing problem
low-interest housing funds
secondary market
EXECUTIVE ORDER NO. 527 March 1, 1979
ADMINISTRATION OF THE HOME DEVELOPMENT MUTUAL FUNDS CREATED UNDER P.D. NO. 1530
WHEREAS, Presidential Decree No. 1530 has created the Home Development Mutual Funds for the purpose of assisting employees of both the government and the private sectors in acquiring or constructing their own homes;
WHEREAS, the said Home Development Mutual Funds could not attain viability on their own and may only by harnessed fully if me get with other long-term funds;
WHEREAS, the government has declared housing as a major national concern and has created a National Home Mortgage Finance Corporation which has been charged with the development of a secondary market for home mortgages and financial strategies to solve the housing problem;
WHEREAS, there is an urgent need to consolidate all long-term, low-interest housing funds under the administration of a singular agency to support the National Shelter Program of the Ministry of Humans Settlements;
NOW, THEREFORE, I, FERDINAND E. MARCOS, President and Prime Minister of the Republic of the Philippines, by virtue of the powers vested...
Login to see full content