Home Development Mutual Fund

March 15, 1990 FIRB RESOLUTION NO. 012-90 SUBJECT : Home Development Mutual Fund BE IT RESOLVED, AS IT IS HEREBY RESOLVED, to endorse to the Department of Budget and Management the subsidy availment of the Home Development Mutual Fund in the amount of P155,859,200 . 00 only , representing the income tax payable by the HDMF for the year 1989: Provided , That such amount shall be chargeable against the 1990 Tax Expenditures Fund, subject to the availability of funds therefor, pursuant to the terms and conditions of the Rules and Regulations to Implement the Subsidy Provision Under Executive Order No. 93: Provided , Further , That the HDMF shall take vigorous initiatives in pursuing a program of fiscal discipline that shall consider, among others, a reduction in its operating cost as a proportion of its total collection, and submit to the FIRB the details of action undertaken by it in said regard not later than June 30, 1990. (SGD.) JESUS P. ESTANISLAO Secretary of Finance Chairman FIRB References : FIRB Technical Committee Meeting dated February 20, 1990 FIRB Meeting dated March 14, 1990