Question & AnswerQ&A (LETTER OF INSTRUCTIONS NO. 870)
The purpose of Letter of Instructions No. 870 is to direct the transfer and effective implementation of the administration of the Home Development Mutual Funds to the National Home Mortgage Finance Corporation, to ensure the proper administration of the program in accordance with law and to promote the welfare of employees.
Before Letter of Instructions No. 870, the Home Development Mutual Funds were administered by the Government Service Insurance System and the Social Security System.
The administration of the Home Development Mutual Funds is transferred to the National Home Mortgage Finance Corporation under the Ministry of Human Settlements.
The rules and regulations must be approved by the Minister of Human Settlements before they take effect.
The public launching of the program was scheduled on July 11, 1979.
The National Home Mortgage Finance Corporation is responsible for the collection of contributions from employee-members and employers.
Contributions shall be collected through banking institutions accredited for the purpose by the National Home Mortgage Finance Corporation.
Any provisions of executive orders, ordinances, rules, and regulations that are inconsistent with Letter of Instructions No. 870 are modified accordingly to conform to this instruction.
The rules and regulations promulgated will have the force of law upon approval by the Minister of Human Settlements.
Letter of Instructions No. 870 became effective immediately upon its issuance on June 4, 1979.