Creation of Social Housing Fice Corp.

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EXECUTIVE ORDER NO. 272: Creation of Social Housing Fice Corp.

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Title Source: Supreme Court: Creation of Social Housing Fice Corp.

Law: Executive Order No. 272

Decision Date: Jan 20, 2004

Executive Order No. 272 establishes the Social Housing Finance Corporation (SHFC) as a subsidiary of the National Home Mortgage Finance Corporation (NHMFC) to address the need for urban land reform and housing for underprivileged citizens in the Philippines, transferring the NHMFC's social housing programs and functions to the SHFC.

Historical and Legal Foundations

NHMFC established under Presidential Decree No. 1267 to develop secondary mortgage market
RA 6846 (Social Housing Support Fund Act of 1990) and RA 7835 (Comprehensive and Integrated Shelter Financing Act of 1994) created Abot-Kaya Pabahay Fund (AKPF) with NHMFC as trustee
RA 7279 (Urban Development and Housing Act of 1992) adopted Community Mortgage Program (CMP) with NHMFC as administrator

Creation and Structure of the Social Housing Finance Corporation (SHFC)

SHFC authorized as a wholly-owned subsidiary of NHMFC under Corporation Code and SEC rules
SHFC placed under administrative supervision of HUDCC

Mandate of SHFC

Lead government agency for social housing catering to formal and informal low-income sectors
Responsible for developing and administering CMP and AKPF (amortization and developmental financing programs)

Capitalization, Powers, and Functions

Determined by NHMFC, as SHFC's incorporator and holding company

Governance: Board of Directors

Composed of key government officials and private sector representatives
HUDCC Chairman as ex-officio Chairman
SHFC President as ex-officio Vice Chairman
Includes representatives from Finance, Interior and Local Government, Budget and Management, BSP, NHMFC, and four private sector nominees

Appointment of SHFC President

Nominated by the President of the Republic of the Philippines

Transfer of Social Housing Functions and Programs

CMP, AKPF programs, and related funds transferred from NHMFC to SHFC upon incorporation
All powers, rights, duties related to these programs transferred from NHMFC to SHFC

Transfer Committee

Composed of HUDCC Chairman, NHMFC President, DBM representative, and HUDCC representatives
Tasked to prepare and effect transfer plans within 30 days
Directed to facilitate efficient transfer and submit report to the President

Personnel Management

SHFC staffing structure subject to DBM approval
NHMFC personnel engaged in transferred functions to continue duties during transition
Options for personnel to remain with NHMFC, retire, or separate with legal benefits

Continuity of Policies

Existing NHMFC policies related to CMP and AKPF to remain in effect until amended

Repealing Clause

Conflicting executive issuances and rules repealed or modified accordingly

Effectivity

Immediate effect upon issuance

END