WHEREAS, Presidential Decree No. 1267
mandated the National Home Mortgage Finance Corporation to increase the
availability of affordable housing loans to finance the Filipino
homebuyer's acquisition of housing units through the development and
operation of a Secondary Mortgage Market for home
mortgages;
WHEREAS, Resolution No. 2339 of the
National Home Mortgage Finance Corporation approved in principle the
intended flotation, securitization and issuance of mortgage
backed-securities in order to develop the Secondary Mortgage Market for
home mortgages;
WHEREAS, Resolution No. 2557 of the
National Home Mortgage Finance Corporation authorized NHMFC's management
to borrow foreign funds that will serve as the initial seed money to
purchase the investment grade mortgages which can be securitized to pave
the way for the operationalization of the Secondary Mortgage Market
System;
WHEREAS, to ensure the sustainability of the
National Shelter Program, there is a need to tap stable sources of funds
for the program;
NOW, THEREFORE, I, FIDEL V. RAMOS,
President of the Philippines, by virtue of the powers vested in me, do
hereby order the Department of Finance to:
1. Cause
the immediate study and approval of the bond flotation of the National
Home Mortgage Finance Corporation;
2. Submit final
report and recommendation on the results of the study within fifteen
(15) days from receipt of this order; and
3. Study
the feasibility of borrowing funds from foreign sources to finance the
paradigm shift of the United Home Lending Program of the National Home
Mortgage Finance Corporation.
This Memorandum Order
shall take effect immediately.
Adopted: 21 Jan.
1996
(SGD.)
FIDEL V.
RAMOS
President
By
the President:
