As amended by Executive Order No. This Act shall be known as the “Home Development Mutual Fund Law of 1980. It is the policy of the Republic of the Philippines to motivate the employed and other earning groups to better plan and provide for their housing needs by membership in an integrated, nationwide savings system established for the said purpose, with contributory support of the employers, in the spirit of social justice and the pursuit of national development. To carry out the purposes of this Act, there is hereby created the Home Development Mutual Fund of 1980, also referred to herein as the Fund, a provident savings system for employees, private and public, who shall be the members, supported by matching contributions of their respective employers, with housing as how To Loan Money In Pag Ibig primary investment. The Fund shall be a body corporate, with principal office in Metro Manila, and shall replace the Home Development Mutual Fund established under Presidential Decree No.
Such coverage may be extended to other working groups, with or without employer contributions, as may be determined by the Board of Trustees. Resignation, lay-off or suspension from employment may not necessarily constitute a ground for membership termination, except for suspension of contributions. Board of Trustees, be waived or suspended by reasons of nature of employment, condition of business, ability to make contributions and other reasonable considerations. The Fund shall be private in character, owned wholly by the members, administered in trust and applied exclusively for their benefit. All the personal and employer contributions shall be fully credited to each member, accounted for individually and transferable in case of change of employment. They shall earn dividends as may be provided for in the implementing rules.
A member of good standing shall be eligible to apply for a housing loan, under such terms as may be authorized by the Board of Trustees, taking into account ability to pay. The Board of Trustees shall institute policies to ensure that lower-income members obtain such housing loans. To exercise such powers and perform such acts as may be necessary, useful, incidental or auxiliary to carry out the provisions of this Act. The four private sector representatives shall be appointed by the President of the Philippines for a term of two years: Provided, however, That of the first set to be appointed, one representative of the employees and one representative of the employers shall have a term of only one year.
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Done in the City of Manila, membership under the Fund established under Presidential Decree No. By express or implied provisions of this Act, they shall earn dividends as may how To Loan Money In Pag Ibig provided for in the implementing rules. Administered in trust and applied exclusively for their benefit. With contributory support of the employers, incidental or auxiliary to carry how To Loan Money In Pag Ibig the provisions of this Act. It shall be the duty of every employer to set aside and remit the contributions required under this Act through the Social Security System and determined by the Board of Trustees, either fully or partially.
The representative of the government employees shall be appointed by the President of the Philippines for a term of two years. The members of the Board shall receive a per diem and reasonable transportation and representation allowance at par with other government financial institutions, as may be provided for by the Board of Trustees and approved by the President of the Philippines. Until the appointment of another person by the President of the Philippines upon the recommendation of the Board of Trustees, the President of the National Home Mortgage Finance Corporation shall be the Chief Executive Officer of the Fund. To exercise such other powers as may be necessary to carry into effect the powers and accomplish the purposes for which the Fund is established. Other matters that, by express or implied provisions of this Act, shall require implementation by appropriate policies, rules and regulations.
Powers and Duties of Chief Executive Officer. The Chief Executive Officer of the Fund shall execute and administer the policies and resolutions approved by the Board of Trustees, prepare its agenda and direct and supervise the operations and management of the Fund. All moneys of the Fund as are not needed to meet current administrative and operational requirements, shall be invested with due and prudent regard for its safety, growth and liquidity needs. Fund assets of the previous year. For integration with the Fund, either fully or partially.