Implementation and Administration of the Home Development Mutual Funds
Letter of Instructions No. 870, issued by President Ferdinand E. Marcos on June 4, 1979, delegates the administration of the Home Development Mutual Funds to the National Home Mortgage Finance Corporation. This transfer aims to enhance the implementation of the savings and provident benefits program for employees. The Corporation is tasked with establishing rules and regulations for the Fund, which will take effect upon approval by the Minister of Human Settlements. Contributions will be collected by the Corporation, replacing the previous systems of the Government Service Insurance System and the Social Security System. The program is set to be publicly launched on July 11, 1979.
Quick Answers
- What is Implementation and Administration of the Home Development Mutual Funds about?
- Letter of Instructions No. 870, issued by President Ferdinand E. Marcos on June 4, 1979, delegates the administration of the Home Development Mutual Funds to the National Home Mortgage Finance Corporation. This transfer aims to enhance the implementation of the savings and provident benefits program for employees. The Corporation is tasked with establishing rules and regulations for the Fund, which will take effect upon approval by the Minister of Human Settlements. Contributions will be collected by the Corporation, replacing the previous systems of the Government Service Insurance System and the Social Security System. The program is set to be publicly launched on July 11, 1979.
- What type of law is Letter of Instructions No. 870?
- Implementation and Administration of the Home Development Mutual Funds (Letter of Instructions No. 870) is a Philippine Presidential Issuances enacted by the Congress of the Philippines.
- When was Implementation and Administration of the Home Development Mutual Funds enacted?
- Implementation and Administration of the Home Development Mutual Funds (Letter of Instructions No. 870) was enacted on Jun 4, 1979.
- What is the citation for Implementation and Administration of the Home Development Mutual Funds?
- Implementation and Administration of the Home Development Mutual Funds, Letter of Instructions No. 870, Jun 4, 1979 (Philippines)
Law Information
- Reference Number
- Letter of Instructions No. 870
- Date Enacted
- Category
- Presidential Issuances
- Subcategory
- Letters of Instructions
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
June 4, 1979
LETTER OF INSTRUCTIONS NO. 870
| TO | : | The Minister of Human Settlements and Chairperson, National Home Mortgage Finance Corporation |
| 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. aisa dc
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. aisa dc
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. acd
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.
Cite This Law
Implementation and Administration of the Home Development Mutual Funds, Letter of Instructions No. 870, Jun 4, 1979 (Philippines)
Implementation and Administration of the Home Development Mutual Funds, Letter of Instructions No. 870 (Phil. 1979)
Related Laws
- Home Development Mutual Fund Law of 1980Presidential Decree No. 1752 • Dec 14, 1980 • Presidential Issuances
- Directing the Implementation of Budget Programs for Area DevelopmentLetter of Implementation No. 124 • Jan 1, 1980 • Presidential Issuances
- Providing for the Release of Fund for the Southern Philippines Development Administration and the Assignment of Additional Functions to ItLetter of Implementation No. 25 • Sep 11, 1975 • Presidential Issuances
- Deduction of Arrears in "Pag-ibig" Fund Otherwise known as the Home Development Mutual FundSupreme Court Circular No. 9-86 • Aug 20, 1986 • Supreme Court Issuances
- Deduction of Arrears in "Pag-ibig" Fund Otherwise known as the Home Development Mutual FundOCA Circular No. 9-86 • Aug 20, 1986 • Supreme Court Issuances
- Adopting and Promulgating the Implementing Rules and Regulations of the Home Development Mutual Fund Law of 1980HDMF Board Resolution No. 3-81 • May 12, 1981 • Implementing Rules and Regulations
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