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LETTER OF INSTRUCTIONS
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LETTER OF INSTRUCTIONS NO. 338
TO
: The General Manager
Government Service Insurance System
The Administrator
Social Security System
In the implementation of Presidential Decree No. 745 dated July 15, 1975 authorizing the liberalization of financing and credit terms for low-cost housing to be undertaken by domestic corporations and partnerships with at least three hundred (300) employees or workers, exclusively for such employees and workers, the following guidelines shall be observed:
1.
the interest rates on the loans granted shall not
exceed six (6%) per cent per annum; and
2. repayment
period shall be twenty-five (25) years.
Immediate implementation and compliance with this Letter of Instruction is desired.
Done in the City of Manila, this 18th day of November, nineteen hundred and seventy-five.
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Since 19.07.98.
