Immediate Study and Approval of Bond Flotation
Memorandum Order No. 342, issued on February 21, 1996, directs the Department of Finance to conduct an immediate study and approval of bond flotation for the National Home Mortgage Finance Corporation (NHMFC). This initiative aims to enhance the availability of affordable housing loans in the Philippines through the development of a Secondary Mortgage Market. The order also mandates the assessment of the feasibility of borrowing foreign funds to support the Unified Home Lending Program. The NHMFC is tasked with securing stable funding sources to ensure the sustainability of the National Shelter Program, with a final report due within 15 days of receipt of the order.
Quick Answers
- What is Immediate Study and Approval of Bond Flotation about?
- Memorandum Order No. 342, issued on February 21, 1996, directs the Department of Finance to conduct an immediate study and approval of bond flotation for the National Home Mortgage Finance Corporation (NHMFC). This initiative aims to enhance the availability of affordable housing loans in the Philippines through the development of a Secondary Mortgage Market. The order also mandates the assessment of the feasibility of borrowing foreign funds to support the Unified Home Lending Program. The NHMFC is tasked with securing stable funding sources to ensure the sustainability of the National Shelter Program, with a final report due within 15 days of receipt of the order.
- What type of law is Memorandum Order No. 342?
- Immediate Study and Approval of Bond Flotation (Memorandum Order No. 342) is a Philippine Presidential Issuances enacted by the Congress of the Philippines.
- When was Immediate Study and Approval of Bond Flotation enacted?
- Immediate Study and Approval of Bond Flotation (Memorandum Order No. 342) was enacted on Feb 21, 1996.
- What is the citation for Immediate Study and Approval of Bond Flotation?
- Immediate Study and Approval of Bond Flotation, Memorandum Order No. 342, Feb 21, 1996 (Philippines)
Law Information
- Reference Number
- Memorandum Order No. 342
- Date Enacted
- Category
- Presidential Issuances
- Subcategory
- Memorandum Orders
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
February 21, 1996
MEMORANDUM ORDER NO. 342
DIRECTING THE DEPARTMENT OF FINANCE TO CAUSE THE IMMEDIATE STUDY AND APPROVAL OF THE BOND FLOTATION AND DETERMINE THE FEASIBILITY OF BORROWING FOREIGN FUNDS TO FINANCE THE PARADIGM SHIFT OF THE UNIFIED HOME LENDING PROGRAM OF THE NATIONAL HOME MORTGAGE FINANCE CORPORATION
WHEREAS, Presidential Decree No. 1267 mandated the National Home Mortgage Finance Corporation to increase the availability of affordable housing loans to finance the Filipino homebuyer's acquisition of housing units through the development and operation of a Secondary Mortgage Market for home mortgages;
WHEREAS, Resolution No. 2339 of the National Home Mortgage Finance Corporation approved in principle the intended flotation, securitization and issuance of mortgage backed-securities in order to develop the Secondary Mortgage Market for home mortgages;
WHEREAS, Resolution No. 2557 of the National Home Mortgage Finance Corporation authorized NHMFC's management to borrow foreign funds that will serve as the initial seed money to purchase the investment grade mortgages which can be securitized to pave the way for the operationalization of the Secondary Mortgage Market System;
WHEREAS, to ensure the sustainability of the National Shelter Program, there is a need to tap stable sources of funds for the program;
NOW, THEREFORE, I, FIDEL V. RAMOS, President of the Philippines, by virtue of the powers vested in me, do hereby order the Department of Finance to:
1. Cause the immediate study and approval of the bond flotation of the National Home Mortgage Finance Corporation;
2. Submit final report and recommendation on the results of the study within fifteen (15) days from receipt of this order; and
3. Study the feasibility of borrowing funds from foreign sources to finance the paradigm shift of the United Home Lending Program of the National Home Mortgage Finance Corporation.
This Memorandum Order shall take effect immediately.
DONE in the City of Manila, this 21st day of February, in the year of Our Lord, Nineteen Hundred and Ninety-Six.
Cite This Law
Immediate Study and Approval of Bond Flotation, Memorandum Order No. 342, Feb 21, 1996 (Philippines)
Immediate Study and Approval of Bond Flotation, Memorandum Order No. 342 (Phil. 1996)
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