Transfer and Implementation of Home Dev't Funds

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LETTER OF INSTRUCTIONS NO. 870: Transfer and Implementation of Home Dev't Funds

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Title Supreme Court: Transfer and Implementation of Home Dev't Funds

Law: Letter Of Instructions No. 870

Decision Date: Jun 4, 1979

A law issued by President Ferdinand E. Marcos establishes the Home Development Mutual Funds (HDMF) program in the Philippines, which aims to provide savings and benefits for employees, with the administration transferred to the National Home Mortgage Finance Corporation (NHMFC) under the Ministry of Human Settlements.

implementation and administration

savings and benefits

A

Objectives and Welfare Considerations

The transfer was motivated by the need to effectively implement the HDMF program.
Focus is placed on achieving the objectives of the Fund and ensuring the welfare of employee-members.

Directive to Implement and Regulate the Program

The NHMFC is charged with the implementation and administration of the HDMF in accordance with existing laws.
NHMFC is authorized to promulgate rules and regulations necessary to carry out the Fund’s objectives.
Such rules and regulations shall have the force of law once approved by the Minister of Human Settlements.

Public Launching and Collection Procedures

The program’s public launching was scheduled for July 11, 1979.
NHMFC shall be responsible for collecting contributions from both employee-members and their employer counterparts.
Collection shall be conducted through banking institutions accredited by NHMFC.
These banking institutions operate under service and fee arrangements deemed proper and reasonable by NHMFC.

Superseding Inconsistent Provisions

Any provisions of executive orders, ordinances, rules, or regulations inconsistent with this Letter of Instructions are modified accordingly.

Effectivity

The Letter of Instructions No. 870 took immediate effect upon issuance on June 4, 1979.

END