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Chan Robles Virtual Law Library
This page features the full text of
Executive Order No. 272
issued by President Gloria Macapagal-Arroyo
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EXECUTIVE
ORDER NO. 272
AUTHORIZING
THE CREATION OF THE SOCIAL HOUSING FINANCE CORPORATION AND DIRECTING
THE TRANSFER OF THE COMMUNITY MORTGAGE PROGRAM, ABOT-KAYA PABAHAY FUND
PROGRAM, AND OTHER SOCIAL HOUSING POWERS AND FUNCTIONS OF THE NATIONAL
HOME MORTGAGE FINANCE CORPORATION TO THE SOCIAL HOUSING FINANCE
CORPORATION.
WHEREAS, the Constitution mandates the State to undertake a continuing
program of urban land reform and housing which will make available, at
affordable cost, decent housing and basic services to underprivileged
and homeless citizens in urban centers and resettlement areas;chanroblesvirtualawlibrary
WHEREAS, the National Home Mortgage Finance Corporation [NHMFC] was
created under Presidential Decree No. 1267 with the primary purpose of
developing and providing a secondary market for home mortgages granted
by public and/or private home financing institutions;
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WHEREAS, Republic Act No. 6846 [RA 6876], otherwise known as the
"Social Housing Support Fund Act of 1990," as amended by Republic Act
No. 7835 [RA 7835], otherwise known as the "Comprehensive and
Integrated Shelter Financing Act of 1994," created the Abot-Kaya
Pabahay Fund [AKPF] to enhance the affordability of low-cost housing by
low-income families, provide developmental financing for low-cost
housing projects, and eliminate the risks for the government funding
agencies involved in housing, and designated the NHMFC to act as the
trustee of the AKPF and exercise administration and control over the
AKPF amortization support program and AKPF developmental financing
program;chanroblesvirtualawlibrary
WHEREAS, Republic Act No. 7279 [RA 7279], otherwise known the "Urban
Development and Housing Act of 1992," adopted the Community Mortgage
Program [CMP] as a component of the National Shelter Program to assist
legally-organized associations of underprivileged and homeless citizens
to purchase and develop a tract of land and to own lots they occupy or
where they choose to relocate to, under the concept of community
ownership, and designated the NHMFC as the administrator of the CMP; chan robles virtual law library
WHEREAS, the Housing and Urban Development Coordinating Council [HUDCC]
Secretariat, through the HUDCC Chairman, has recommended the creation
of the Social Housing Finance Corporation [SHFC] as a wholly-owned
subsidiary of the NHMFC, to perform the latter’s powers and functions
relating to the administration, management and development of the CMP
and the AKPF Program (amortization support program and developmental
financing program), as well as other social housing functions of the
NHMFC, in order to allow the NHMFC to devote full attention to its
mandate to develop and provide a secondary market for home mortgages
granted by public and/or private home financing institutions;chanroblesvirtualawlibrary
NOW, THEREFORE I, GLORIA MACAPAGAL-ARROYO, President of the
Philippines, by virtue of the powers vested in me by law, do hereby
order:chanroblesvirtuallawlibrary
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Section 1. Authority to Establish the Social Housing Finance
Corporation – The National Home Mortgage Finance Corporation [NHMFC] is
hereby authorized to organize and establish a body corporate to be
known as the Social Housing Finance Corporation [SHFC], as a
wholly-owned subsidiary, to be formed in accordance with the
Corporation Code and pertinent rules and regulations issued by the
Securities and Exchange Commission [SEC]. Upon its incorporation, the
SHFC shall be under the administrative supervision of the HUDCC.
Sec. 2. Mandate. – The SHFC shall be the lead government agency to
undertake social housing programs that will cater to the formal and
informal sectors in the low-income bracket and shall take charge of
developing and administering social housing program schemes,
particularly the CMP and the AKPF Program (amortization support program
and developmental financing program).
Sec. 3. Capitalization, Powers and Functions of the SHFC. – The NHMFC,
as the incorporator and holding company of the SHFC, shall determine
the capitalization, powers and functions of the SHFC.
Sec. 4. Board of Directors of the SHFC. – The Board of Directors of the SHFC shall be composed of the following:cralaw:red
* HUDCC Chairman as ex-officio Chairman;
* SHFC President as ex-officio Vice Chairman;
* Secretary of the Department of Finance or his designated representative;
* Secretary of the Department of the Interior and Local Government, or his designated representative;
* Secretary of the Department of Budget and Management, or his designated representative;
* Representative from the Bangko Sentral ng Pilipinas [BSP] designated by the BSP Governor;
* Representative from the NHMFC designated by the Board of Directors of NHMFC; and
* Four (4) representatives from the private sector, who
shall be nominated by the President of the Republic of the Philippines.
Sec. 5. President of the SHFC. – The President of the SHFC shall be
nominated by the President of the Republic of the Philippines.
Sec. 6. Transfer. – Upon the incorporation of the SHFC, the following
funds and programs directed towards social housing shall be transferred
from the NHMFC to the SHFC:cralaw:red
1. The CMP, including all funds appropriated for the CMP;
2. The AKPF Program (amortization support program and the developmental financing program); and
3. Such other funds, programs and functions related to social housing as may be determined by the NHMFC Board.
Upon such transfer, all powers; functions, rights and duties previously
exercised by the NHMFC relating to the administration, management, and
development of the CMP and the AKPF Program (amortization support
program and the developmental financing program), functions as
administrator or as a trustee, as well as the other social housing
functions of the NHMFC to be determined by the NHMFC Board, shall be
transferred to and exercised by the SHFC.
Sec. 7. Transfer Committee. – A Transfer Committee composed of the
HUDCC Chairman, the NHMFC President, a representative from the DBM, and
two (2) representatives from the HUDCC, shall prepare the necessary
plans and measures to effect the transfer of all assets, liabilities
and records of the CMP and the AKPF Program (amortization support
program and the developmental financing program) to the SHFC within
thirty (30) days from the issuance of this Executive Order.
The NHMFC, SHFC and the Transfer Committee are hereby directed to take
all the necessary steps towards effecting the efficient transfer of the
CMP and the AKPF Program (amortization support program and the
developmental financing program) from the NHMFC to the SHFC and shall
jointly submit a report to the President on all actions taken to
implement the provisions of this Executive Order within thirty (30)
days after the SHFC shall have been organized and established.
Sec. 8. Personnel. – The SHFC position structure and staffing pattern
shall be subject to the approval of the DBM. To ensure the continued
implementation of the CMP and the AKPF Program (amortization support
program and the developmental financing program) during the period of
transfer and transition, the NHMFC personnel who are performing the
functions transferred to the SHFC shall continue to perform such
duties; provided, that those personnel whose position structure and
staffing pattern may, at their option, remain with the NHMFC, retire,
or be separated from the service, and shall be entitled to the benefits
provided by law at the time of retirement or separation.
Sec. 9. Existing Policies and Rules – Existing policies, guidelines,
rules and regulations with respect to the functions of the NHMFC which
have been transferred to the SHFC shall continue in effect until
amended or modified accordingly.
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Sec. 10. Repealing Clause. – All executive issuances, guidelines, rules
and regulations, or parts thereof which are contrary or inconsistent
with the provisions of this Executive Order are hereby repealed or
modified accordingly.
Sec. 11. Effectivity. – This Executive Order shall take effect immediately.
City of Manila. January 20, 2004.
(Sgd.) GLORIA MACAPAGAL-ARROYO
By the President:cralaw:red
(Sgd.) ALBERTO G. ROMULO
Executive Secretary
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