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LETTER OF INSTRUCTIONS
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LETTER OF INSTRUCTIONS NO. 870 |
Corporations
The Chairman-General Manager Government Service
Insurance System
The Administrator Social Security System
WHEREAS, the administration of the Home Development Mutual Funds, a nationwide program of savings and provident benefits for employees, private and public established by Presidential Decree No. 1530, has been transferred by Executive Order No. 527 to the National Home Mortgage Finance Corporation, an operating agency for shelter finance of the Ministry of Human Settlements.
WHEREAS, considering the objectives for the Funds and welfare of employees, there is need for the effective implementation of the program;
NOW, THEREFORE, I, FERDINAND E. MARCOS President of the Philippines, hereby order and direct the following:
1.
The National Home Mortgage Finance Corporation shall implement the
program and its administration of the Home Development Mutual Funds, in
accordance with law and as deemed appropriate and feasible to carry out
the objectives for the Funds, and promulgate the corresponding rules
and regulations; which will have the force of law upon approval by the
Minister of Human Settlements.
2. Public
launching of the program shall be done on July 11, 1979.
3. Collection
of contributions from employee-members and counterparting employers
shall be done by the National Home Mortgage Finance Corporation, in
lieu of the Government Service Insurance System and the Social Security
System, through banking institutions accredited for the purpose by the
Corporation, under service and fee arrangements as may be deemed proper
and reasonable.
4. Any
provisions of executive order, ordinance, rules and regulations
inconsistent herewith are hereby modified accordingly.
5. This letter
of instruction shall be effective immediately.
Done in the City of Manila, this 4th day of June, in the year of Our Lord, nineteen hundred and seventy-nine.
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Since 19.07.98.
