June 4, 1979

LETTER OF INSTRUCTIONS NO. 870

WHEREAS, the administration of the Home Development Mutual Funds, a nationwide program of savings and provident benefits for employees, private and public established by aisa dc

WHEREAS, considering the objectives for the Funds and welfare of employees, there is need for the effective implementation of the program;

NOW, THEREFORE, I, FERDINAND E. MARCOS President of the Philippines, hereby order and direct the following:

1. The National Home Mortgage Finance Corporation shall implement the program and its administration of the Home Development Mutual Funds, in accordance with law and as deemed appropriate and feasible to carry out the objectives for the Funds, and promulgate the corresponding rules and regulations, which will have the force of law upon approval by the Minister of Human Settlements. aisa dc

2. Public launching of the program shall be done on July 11, 1979.

3. Collection of contributions from employee-members and counterparting employers shall be done by the National Home Mortgage Finance Corporation, in lieu of the Government Service Insurance System and the Social Security System, through banking institutions accredited for the purpose by the Corporation, under service and fee arrangements as may be deemed proper and reasonable.

4. Any provisions of executive order, ordinance, rules and regulations inconsistent herewith are hereby modified accordingly. acd

5. This letter of instruction shall be effective immediately.

DONE in the City of Manila, this 4th day of June, in the year of Our Lord, Nineteen Hundred and Seventy-Nine. cdtai