EXECUTIVE ORDER NO. 527

: The primary purpose is to assist employees of both the government and private sectors in acquiring or constructing their own homes.
: The Government Service Insurance System (GSIS) and the Social Security System (SSS) were originally responsible.
: These functions are transferred to the National Home Mortgage Finance Corporation (NHMFC).
: The NHMFC has the authority to promulgate implementing rules and regulations, oversee transmittal of periodic collections, manage membership matters, privileges, benefits, and enforcement of housing loans.
: Yes, GSIS and SSS continue collection activities but must periodically turn over the funds to the NHMFC.
: They can charge a service fee not exceeding 4% of the said funds.
: NHMFC must support these collection activities through nationwide information and education campaigns.
: The cost shall not exceed 1/2% of the said funds.
: Consolidation was necessary to support the National Shelter Program of the Ministry of Human Settlements effectively.
: It took effect immediately upon issuance on March 1, 1979.