Question & AnswerQ&A (EXECUTIVE ORDER NO. 681)
Under Executive Order No. 681, the Livelihood Corporation (LIVECOR) and the National Livelihood Support Fund (NLSF) were merged into a non-stock, non-profit body corporate known as Livecor.
The new Livecor is mandated to undertake the promotion, generation, and development of livelihood and community-based enterprises primarily in agri-business, including those in Agrarian Reform Communities, catering to low-income brackets using the NLSF funds.
The new Livecor is attached to the Land Bank of the Philippines (LBP) pursuant to the mandate of NLSF under Republic Act No. 6657.
An additional capital of One Hundred Million Pesos (P100,000,000.00) was infused into the new Livecor, sourced from the accumulated earnings of NLSF.
The Board of Directors is composed of: (1) Secretary of Agriculture or designee (ex-officio Chairman), (2) Executive Director of the NLSF Secretariat (ex-officio Vice-Chairman), (3) Nominee of the President of the Philippines, (4) Nominee of the Department of Agrarian Reform approved by the President, (5) Nominee of the Land Bank of the Philippines approved by the President, (6) Representative from the Labor Sector appointed by the President, and (7) Nominee of the Department of the Interior and Local Government approved by the President.
The members serve a term of one (1) year and serve in a hold-over capacity until their successors are appointed and qualified.
The President of Livecor is the Executive Director of the present NLSF Secretariat.
NLSF personnel performing functions transferred to the new Livecor shall be absorbed and continue their duties under Livecor's management but may opt to retire or be separated with legal benefits. The same option is available to LIVECOR personnel.
Operating expenses are charged against the income generated by the NLSF and the liquidation of Livecor's assets.
Existing policies, guidelines, rules, and regulations relating to NLSF functions transferred to Livecor remain in effect until amended or modified accordingly.