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LETTER OF INSTRUCTIONS
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LETTER OF INSTRUCTIONS NO. 937 -
DIRECTING THE PARTICIPATION OF THE NATIONAL GOVERNMENT IN THE
PAG-I.B.I.G. HOUSING PROGRAM |
The Minister of Local Government and Community
Development
The Minister of the Budget
The President, National Home Mortgage Finance
Corporation
All Ministers and Heads of Bureaus, Offices and
Agencies of the National Government,
including State Universities
and Colleges
All Presidents/Heads of Government Owned or
Controlled Corporations
WHEREAS, it is the objective of government to support low-cost financing for Filipino seeking to build their homes;
WHEREAS, the national government wishes to provide its employees with maximum support for housing;
WHEREAS, the national government has initiated the Home Development Mutual Fund, known as PAG-I.B.I.G., a home financing program for both public and private employees;
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines by virtue of the powers vested in me by law, do hereby Order and Instruct:
National
Government
1.
All Ministries, bureaus, offices, and agencies of the national
government, including state universities and colleges, shall support
the participation of government employees in the PAG-I.B.I.G. Housing
Program.
2.
The employer's counterpart to be paid by the national government for
participating employees shall be drawn from (a) equity investment funds
scheduled for the National Home Mortgage Finance Corporation, for 1979
requirements, and (b) from the Salary Adjustments Funds, for CY 1980
requirements. The CY 1980 national government counterpart is hereby
declared part of the scheduled increases in the compensation of
government employees.
Government
Corporations
3.
Government owned or controlled corporations are encouraged to
participate in the PAG-I.B.I.G. Program, to the extent of their
respective financial capabilities. The employer's contribution shall be
charged to corporate funds and corporate Governing Boards shall
formulate such guidelines and restrictions in the participation of
their respective employees, as may be necessary to observe corporate
funding constraints.
Local
Government Units
4.
Local government units are encouraged to participate in the
PAG-I.B.I.G., to the extent of their respective financial capabilities.
The employer's contribution shall be charged to local government funds
and the local government units concerned shall formulate such
guidelines and restrictions in the participation of their respective
employees, as may be necessary to observe their respective funding
constraints.
Rules
and Regulations
Rules and regulations to implement the participation of government employees in the PAG-I.B.I.G. Program shall be jointly issued by the Ministry of Human Settlements and the Ministry of the Budget. These rules and regulations shall contain a provision which would allow government owned or controlled corporations and local government units to limit the participation of their respective employees in the event that their finances are insufficient to cover the necessary employer's share.
Done in the City of Manila this 1st day of October in the year of Our Lord, nineteen hundred and seventy-nine.
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