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PHILIPPINE LAWS, STATUTES & CODES
A collection of Philippine laws, statutes and codes not included or cited in the main indices of the Chan Robles Virtual Law Library.
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ADMINISTRATIVE ORDERS
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ADMINISTRATIVE ORDER NO. 72 -
PROVIDING FOR A MANDATORY PAYROLL DEDUCTION SYSTEM OF AMORTIZING
HOUSING LOAN PAYMENTS IN THE GOVERNMENT SECTOR
WHEREAS, the provision for shelter, as a
basic social need has become a major government concern;
WHEREAS, the continuous provision for housing being pursued by the
government, as part of its medium-term development plan, is largely
dependent on a strong housing finance system, which will make available
housing credit and loan facility for some acquisition to middle and
low-income families;
WHEREAS, the adoption of a salary deduction scheme for the payment of
housing loan amortization shall certainly enhance collection capability
of NHMFC, thereby increasing the pool of funds which will again be
available for home-lending purposes;
WHEREAS, in accordance with its policy and procedural guidelines, the
Government Service Insurance System (GSIS), has required compulsory
salary deduction for loan payments of GSIS members availing of its
various loan programs, including housing loans.
NOW, THEREFORE, I, FIDEL V. RAMOS, President of the Republic of the
Philippines, do hereby order as follows:
Section 1.
Sec. 2.
Sec. 3.
Sec. 4.
DONE, in the City of Manila,
this 29th day of July in the year of Our Lord, Nineteen Hundred and
Ninety Three.
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