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EXECUTIVE ORDERS
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EXECUTIVE ORDER NO. 35 - AMENDING
CERTAIN PROVISIONS OF PRESIDENTIAL DECREE NO. 1752, ENTITLED “AMENDING
THE ACT CREATING THE HOME DEVELOPMENT MUTUAL FUND”
WHEREAS, the fund contributions to
the Home Development Mutual Fund as mandated by Presidential Decree No.
1752 were suspended as a temporary measure for the purpose of studying
how the burdens of lower income earners can be reduced and their
benefits increased;
WHEREAS, after consultation with the affected sectors, it has become
imperative to maintain the Fund and to expand and increase the benefits
due to its members but with a lesser burden to the lower income groups;
WHEREAS, there is a need to further strengthen the powers of the Fund
for the efficient and effective discharge of its functions in order to
guarantee to its members all the benefits due them:
NOW, THEREFORE, I, CORAZON C. AQUINO, President of the Philippines, do
hereby order:
Section 1.
“Sec.
5.
Employees
earnings not more than P1,500.00 per month — One percent (1%)
Employees earning more than
P1,500.00 per month — Two percent (2%)
All
employers — Two percent (2%) of the Monthly Fund Salary of all covered
employees.
For
purposes of computing contributions, “Monthly Fund Salary” shall mean
basic monthly pay plus Cost of Living Allowances (COLA); Provided,
however, that the maximum Monthly Fund Salary to be used in computing
employee and employer contributions shall not be more than P5,000.00.
The employer shall not be entitled to deduct from the wages or
remuneration of, or otherwise to recover from the, the employee the
employer’s contribution.”
Sec. 2.
“Sec.
9.
Sec. 3.
“(b)
Sec. 4.
“Sec.
22.
(b)
Sec. 5.
“Sec.
24.
(b)
Sec. 6.
Sec. 7.
DONE in the City of Manila,
this 30th day of July, in the year of Our Lord, nineteen hundred and
eighty-six.
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Since 19.07.98.