(NAR) VOL. 7 NO. 1 / JANUARY-MARCH 1996
WHEREAS, Executive Order No. 90 dated 17
December 1986 identified and defined the government agencies essential
for the National Shelter Program and rationalized the funding sources
and lending mechanisms for home mortgages;
WHEREAS,
Executive Order No. 90 mandated the National Home Mortgage Finance
Corporation to operate a viable home mortgage market, initially
utilizing long-term funds to be principally provided by the three
government financial institutions, i.e., Social Security System (SSS),
Government Service Insurance System (GSIS), and Home Development Mutual
Fund (HDMF) which finance the National Shelter
Program;
WHEREAS, the Memorandum dated 19 July 1993
enjoined the Social Security System, Government Service Insurance System
and Home Development Mutual Fund to seek automatic funding and cash
flow for the Unified Home Lending Program being presently administered
by the National Home Mortgage Finance
Corporation;
WHEREAS, the Home Development Mutual
Fund, the Government Service Insurance System and the Social Security
System approved in principle their funding commitment to the Unified
Home Lending Program for 1996 in the amount of P5.3 billion, P5.0
billion and P5.0 billion, respectively;
WHEREAS, to
ensure the provision of housing assistance to 1.2 million households for
the period 1993-1998 and encourage greater private sector participation
in undertaking low-cost projects, there is a need for additional
infusion of funds to the National Shelter
Program;
NOW, THEREFORE, I, FIDEL V. RAMOS, President
of the Philippines, by virtue of the powers vested in me, do hereby
order the Social Security System, Government Service Insurance System
and Home development Mutual Fund to:
a. Forge a
Memorandum of Agreement with the National Home Mortgage Finance
Corporation to formalize their funding commitment for 1996;
and
b. Comply with the Memorandum dated 19 July 1993
and execute an automatic funding commitment to the Unified Home Lending
Program for 1997 to 1998 subject to the approval of their respective
Boards.
This Memorandum Order shall take effect
immediately.
Adopted: 21 Feb.
1996
(SGD.)
FIDEL V. RAMOS