Republic of the Philippines 
HOUSE OF REPRESENTATIVES 
Quezon City 
NINETEENTH CONGRESS 
First Regular Session 
HOUSE BILL NO.______ 
Introduced by HONORABLE STELLA LUZ A. QUIMBO 
AN ACT CREATING THE SOCIAL HOUSING DEVELOPMENT AND 
 FINANCE CORPORATION 
EXPLANATORY NOTE 
This bill seeks to create the Social Housing Development and Finance Corporation 
(SHDFC) which shall become the lead government agency in the development and 
administration of social housing programs. 
On 20 January 2004, the Social Housing Finance Corporation (SHFC) was created 
by virtue of an executive order (Executive Order No. 272), upon the recommendation of 
the Housing and Urban Development Coordinating Council (HUDCC) Secretariat. SHFC, 
a wholly owned subsidiary of the National Home Mortgage Finance Corporation 
(NHMFC), was tasked to implement the CMP and AKPF programs under the NHMFC and 
undertake social housing programs for the formal and informal sectors in the low-income 
bracket. 
In its years of existence, SHFC’s weaknesses were readily observable, if not 
glaring. EO 272 vaguely defined the powers of the President of the Corporation, of the 
SHFC performed limited functions to the detriment of the State’s goal to make available 
affordable decent housing and basic services to underprivileged and homeless citizens 
in urban centers and resettlement areas. Furthermore, EO 272 failed to provide a 
concrete set of qualifications for the President of the Corporation which could have an 
adverse impact on the management of the institution. 
This bill seeks to address these weaknesses and concerns. The passage of this 
bill would establish a more independent, well-organized and transparent SHDFC that is 
more responsive to the housing needs of the Filipino people. Among others, it defines the 
powers and functions of the SHDFC, mandates the supervision, control and 
implementation of specified socialized housing programs, creates and establishes the 
July 22, 2022
10:29 am
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composition of the Board of Trustees as well as their powers and functions, and 
prescribes the qualifications of the President of the Corporation. 
This bill was taken up during the joint committee meetings and Technical Working 
Group (TWG) of the Committee on Government Enterprises and Committee on Housing 
at the House of Representatives during the 16th Congress, and was refiled by Rep. 
Romero S. Quimbo during the 17th Congress. In view thereof, the expedient approval of 
this bill is strongly recommended. 
 STELLA LUZ A. QUIMBO, PhD 
     Representative 
     2nd District, Marikina City 


Republic of the Philippines 
HOUSE OF REPRESENTATIVES 
Quezon City 
NINETEENTH CONGRESS 
First Regular Session 
HOUSE BILL NO. ____ 
Introduced by HONORABLE STELLA LUZ A. QUIMBO 
AN ACT CREATING THE SOCIAL HOUSING DEVELOPMENT AND 
 FINANCE CORPORATION 
Be it enacted by the Senate and House of Representatives of the Philippines in 
1 
Congress assembled: 
2 
3 
SECTION 1. Title. – This Act shall be known as the “Social Housing 
4 
Development and Finance Corporation Act.” 
5 
6 
SEC. 2. Declaration of Policy. – It is the policy of the State to undertake a 
7 
comprehensive and continuing program of housing and urban development which will 
8 
make available at affordable cost decent housing and basic services to underprivileged 
9 
and homeless Filipinos through the financing and administration of socialized housing 
10 
programs. 
11 
12 
SEC. 3. Statement of Objectives. – The State shall integrate all laws, orders, 
13 
issuance and administrative circulars relating to the provision of socialized housing and 
14 
land tenure security through developmental financing schemes for low income, formal 
15 
and informal income earners to effectively achieve the following objectives: 
16 
17 
a. To ensure the speedy and effective delivery of socialized housing finance under
18 
the National Shelter Program and to increase the access of the underprivileged
19 
and homeless families to various forms of security of land tenure;
20 
21 
b. To enhance the affordability and quality of socialized housing for low-income
22 
families and provide developmental financing for socialized housing projects; and
23 
24 
c. To empower community associations of low-income earning families.
25 
26 
SEC. 4. Creation of the Social Housing Development and Finance 
27 
Corporation. – To carry out the aforementioned policy and objectives, there is hereby 
28 
2250


created a Social Housing Development and Finance Corporation (SHDFC), hereinafter 
1 
referred to as the “Corporation,” with principal office in Metro Manila, which shall replace 
2 
the Social Housing Finance Corporation (SHFC) created by virtue of Executive Order No. 
3 
272 issued in 20 January 2004. 
4 
 
5 
The Corporation shall be the lead government agency in charge of formulating, 
6 
developing and implementing socialized housing finance programs that will cater to 
7 
families in the low-income bracket through developmental financing schemes that will 
8 
help the families acquire security of land tenure, affordable and decent homes, as well as 
9 
facilitate community development. 
10 
 
11 
Developmental financing under this charter shall refer to the act of funding legally 
12 
organized and registered community associations of low-income families for the purpose 
13 
of acquiring security of land tenure, financing community and site development, housing 
14 
microfinance and socialized livelihood programs, and other financial services in 
15 
furtherance of the National Shelter Program. 
16 
 
17 
 
SEC. 5. Socialized Housing Programs. – Consistent with Republic Act No. 7279, 
18 
as amended, otherwise known as the “Urban Development and Housing Act of 1992,” 
19 
Republic Act No. 6846, as amended, otherwise known as the “Abot-Kaya Pabahay Fund 
20 
or Social Housing Support Fund Act,” and Republic Act No. 7835, otherwise known as 
21 
the “Comprehensive and Integrated Shelter Financing Act of 1994,” the Corporation shall 
22 
supervise, control, and implement the following programs: 
23 
 
24 
a. Community Mortgage Program (CMP). – This program shall assist legally 
25 
organized associations of underprivileged and homeless families to purchase and 
26 
develop a tract of land under the concept of community ownership. The primary 
27 
objective of the program is to assist residents of blighted or depressed areas to 
28 
own the lots they occupy, or where they choose to relocate to, and eventually 
29 
improve their neighborhood and homes to the extent of their affordability. 
30 
 
31 
b. Community Financing Program (CFP). – This program shall assist legally 
32 
organized associations of underprivileged and homeless families to acquire 
33 
various forms of security of tenure through schemes that include the purchase and 
34 
development of tracts of land under the concept of community ownership. The CFP 
35 
shall facilitate the empowerment of community associations to enable them to 
36 
effectively participate in the program. This program shall also assist low-income 
37 
families in blighted areas to eventually improve the quality of neighbourhood and 
38 
homes to the extent of their affordability. 
39 
 
40 
c. Abot-Kaya Pabahay Fund Program (AKPFP). – This program seeks to implement 
41 
a continuing program of social housing that shall make available to low-income 
42 
families affordable houses or lots through (a) amortization support whereby funds 
43 
are made available for low income families to assist them in paying their housing 
44 
loans; and (b) development financing where funds are utilized to support private 
45 


developers, non-governmental organizations (NGOs) and landowners in providing 
1 
affordable housing packages to low-income families. 
2 
 
3 
d. High Density Housing Program. – This program is a community-driven financing 
4 
window that extends loan assistance to legally organized communities of informal 
5 
settler families living in danger areas for their near-site, in-city, or near-city 
6 
relocation in multi-storey housing projects. 
7 
 
8 
e. The Localized Community Financing Program (LCFP). – A CFP derivative that 
9 
allows local government units (LGUs) to address the housing needs of the informal 
10 
sector in their respective jurisdictions. 
11 
 
12 
f. Housing Microfinance. – This program is a developmental financing scheme that 
13 
aims to promote the empowerment of Corporation’s beneficiary communities and 
14 
encourage self-help cooperative housing through the grant of livelihood loans and 
15 
financing of productive, income-generating activities to aid low income families 
16 
address their housing necessities; 
17 
 
18 
g. Refinancing of socialized housing programs and offering of financing services to 
19 
the projects of the National Housing Authority (NHA), LGUs, key shelter agencies, 
20 
and other government agencies, as well as, the private sector participating in 
21 
socialized housing programs;  
22 
 
23 
h. Such other socialized housing and developmental financing programs or services 
24 
which may be created pursuant to the aforementioned declaration of policy and 
25 
statement of objectives in this Charter. 
26 
 
27 
 
SEC. 6. Powers and Functions of the Corporation. – The corporation shall have 
28 
the following powers and functions: 
29 
 
30 
a. To promote security of land tenure to the underprivileged and homeless families; 
31 
 
32 
b. To provide a strong and sustainable finance program supporting the housing 
33 
objectives and, in relation thereto, to borrow or raise money necessary to meet the 
34 
financial requirements of its business by the issuance of bonds, promissory notes 
35 
and other evidence of indebtedness, and to secure the repayment thereof by 
36 
mortgage, pledge or deed of trust upon the properties of the Corporation; 
37 
 
38 
c. To encourage maximum participation of LGUs, other government agencies, NGOs 
39 
and people’s organizations (POs) to ensure that homeless families and the 
40 
underprivileged can enjoy the benefits of the programs of the Corporation;  
41 
 
42 
d. To institutionalize and promote housing through a self-help method whereby 
43 
families with their own or outside financing can build their homes with their labor, 
44 
self-help cooperative housing, and such other self-help approaches to the 
45 
acquisition of decent and affordable housing and introduce support facilities, such 
46 


as formulation and development of livelihood programs, grant of livelihood loans 
1 
and housing microfinance that will enhance the financial capabilities of low-income 
2 
groups to acquire decent housing and land tenure security; 
3 
 
4 
e. To assist LGUs and government agencies through developmental financing to 
5 
serve the housing requirements in their respective jurisdictions, such as 
6 
resettlement, development of sites and services, and the renewal of blighted areas; 
7 
 
8 
f. To formulate, adopt, amend or rescind rules and regulations when necessary to 
9 
carry out the provisions and purposes of this Act, as well as the effective exercise 
10 
of the powers and functions, and the discharge of duties and responsibilities of the 
11 
Corporation, its officers and employees; 
12 
 
13 
g. To purchase, acquire, sell, discount, refinance real property to be used as sites for 
14 
socialized housing or otherwise deal in community or home mortgages, such as 
15 
asset-backed securities, derived from, and collateralized by the assets of the 
16 
Corporation’s programs, or participate therein, grant non-recoverable subsidy on 
17 
site development and engage in estate management under such conditions and 
18 
terms as may be determined by the Board of Trustees of the Corporation; 
19 
 
20 
h. To invest in securities and deal with the money and properties of the Corporation 
21 
in such manner as may, from time to time, be considered wise or expedient for the 
22 
advancement of its interests; 
23 
 
24 
i. To enter into any lawful arrangement for joint venture, profit-sharing, union of 
25 
interest, unitization, or trust agreement, reciprocal concession, or cooperation with 
26 
any corporation, association, partnership, syndicate, entity, person, or 
27 
governmental, municipal, or public authority, domestic or foreign, in the carrying 
28 
on of any business or transaction deemed necessary, convenient, or incidental to 
29 
the carrying out any of the purposes of this Corporation; 
30 
 
31 
j. To acquire or obtain from any government or authority, national provincial, 
32 
municipal or otherwise, or any corporation, company, or partnership, or person, 
33 
such charter, contracts, franchise, privileges, exemption, licenses and 
34 
concessions as may be conducive to any of the objectives of the Corporation; 
35 
 
36 
k. To establish and operate one or more branches, offices, or agencies and to carry 
37 
on any or all of its operations and business without any restrictions as to place or 
38 
amount, including the right to hold, purchase or otherwise acquire, lease, 
39 
mortgage, pledge, sell and convey, or otherwise deal with real and personal 
40 
property anywhere in the Philippines, as may be necessary, or incidental to the 
41 
conduct of the corporate business; 
42 
 
43 
l. To conduct and transact any and all lawful activities, and to do or cause to be done 
44 
any one or more of the acts and purposes set forth herein, within or outside the 
45 
Philippines, and in any and all foreign countries, and to do everything necessary, 
46 


desirable, or incidental to the accomplishment of the purposes or the exercise of 
1 
any one or more of the powers herein enumerated or which shall, at any time, 
2 
appear conducive to or expedient for the protection or benefit of this Corporation; 
3 
Provided, That the funds invested or utilized under the aforementioned modes of 
4 
agreement shall not be guaranteed by the national government except upon 
5 
consultation with and approval of the Secretary of Finance and the Monetary 
6 
Board; 
7 
 
8 
m. To adopt, alter, and use a corporate seal, to sue and be sued, and generally, to 
9 
exercise all powers under the corporation laws which are not inconsistent herewith 
10 
or with existing laws; and 
11 
 
12 
n. To exercise such powers and perform such acts as may be necessary, useful, 
13 
incidental or auxiliary to carry out the provisions of this Act. 
14 
 
15 
 
16 
SEC. 7. Board of Trustees. – The Corporation shall be governed and its activities 
17 
directed, controlled and managed by a Board of Trustees, hereinafter referred to as the 
18 
“Board” which shall be composed of the following: 
19 
 
20 
a. The Chairperson of the Housing and Urban Development and Coordinating 
21 
Council, as the ex officio Chairman; 
22 
 
23 
b. The Secretary of the Department of Social Welfare and Development (DSWD) as 
24 
ex-officio Vice Chairman; 
25 
 
26 
c. The Secretary of the Department of the Interior and Local Government (DILG), or 
27 
a duly designated representative; 
28 
 
29 
d. The Secretary of the Department of Budget and Management (DBM) or a duly 
30 
designated representative; 
31 
 
32 
e. The Governor of the Bangko Sentral ng Pilipinas (BSP) or a duly designated 
33 
representative; 
34 
 
35 
f. The Secretary of the Department of Finance (DOF) or a duly designated 
36 
representative; 
37 
 
38 
g. The Chairman of the Presidential Commission for the Urban Poor (PCUP), or a 
39 
duly designated representative; 
40 
 
41 
h. The Secretary of the Department of Environment and Natural Resources (DENR) 
42 
or a duly designated representative; 
43 
 
44 
i. The President of the Corporation; 
45 
 
46 


j. Four (4) representatives of the private sector who are all citizens and residents of 
1 
the Philippines, of good moral character, of known probity, and of proven 
2 
competence and integrity: Provided, That two (2) of the private sector 
3 
representatives shall come from an NGO or PO involved in the development of 
4 
housing projects, organization of housing associations or management of shelter 
5 
finance programs or other related activities for at least five (5) years; one (1) shall 
6 
come from the academe with specialization in the field of urban planning, 
7 
development studies, economics, civil engineering, architecture or other related 
8 
courses with special training in housing and urban development programs 
9 
preferably in shelter finance management, from a recognized college or university; 
10 
and one (1) shall come from the real estate or housing developers organization in 
11 
the Philippines. 
12 
 
13 
The four (4) representatives of the private sector shall be appointed by the 
14 
President of the Philippines from a shortlist of nominees submitted by the Governance 
15 
Commission for GOCCs (GCG) for a term of one year, subject to reappointment pursuant 
16 
to Section 15 and 17 of Republic Act No. 10149 or the GOCC Governance Act of 2011. 
17 
In no case shall any representative of the private sector be appointed or designated in a 
18 
temporary or acting capacity. 
19 
 
20 
 
The Chairman, Vice Chairman and Members of the Board shall be entitled to a 
21 
reasonable per diem for each meeting actually attended at such amounts as may be fixed 
22 
by the Board in accordance with existing laws, rules and regulations. 
23 
 
24 
 
SEC. 8. Powers of the Board. – The Board shall have the following powers: 
25 
 
26 
a. To adopt the by-laws of the corporation, and to revise or amend the same as may 
27 
be expedient to carry out effectively the functions of the Corporation under this Act; 
28 
 
29 
b. To formulate, revise, or adjust periodically all policies, and to promulgate such 
30 
rules and regulations and manuals of procedure as are necessary to ensure the 
31 
effective implementation of the provisions of this Act; 
32 
 
33 
c. To direct the management, operation, and administration of the Corporation; 
34 
 
35 
d. To authorize such expenditures by the Corporation as are in the interest of its 
36 
effective administration and operation; 
37 
 
38 
e. To approve the corporation’s organizational and administrative structures and 
39 
staffing pattern, and create offices or positions necessary for the efficient 
40 
management, operation, and administration of the Corporation, and to establish 
41 
the appropriate compensation package for the officers and employees of the 
42 
Corporation: Provided, That all positions in the Corporation shall not be exempt 
43 
from Republic Act No. 6758, otherwise known as the Salary Standardization Law, 
44 
and other existing laws, rules and regulations on salaries and compensation; and 
45 
 
46 


f. To exercise such powers as may be necessary to carry into effect the provisions 
1 
of this Act and to accomplish the purposes for which the corporation is established. 
2 
 
 
3 
 
SEC. 9. President of the Corporation. – The President of the Corporation, 
4 
hereinafter referred to as the “President,” shall be elected by the members of the Board 
5 
from among their ranks, for a term of one (1) year subject to reappointment, as provided 
6 
for in Section 18 of the GOCC Governance Act of 2011: Provided, That said appointee is 
7 
a holder of a degree in law, public administration, urban planning, development university, 
8 
with special training in housing and urban development programs, preferably in shelter 
9 
finance management: Provided, further, That in business, finance, the professions, 
10 
development of housing projects, organization of housing associations, and management 
11 
of shelter finance programs and other related activities. 
12 
 
13 
The President shall represent the Corporation in all dealing with other offices, 
14 
agencies and instrumentalities of the government and with all persons and entities, public 
15 
or private, domestic or foreign, and shall exercise such other powers, functions, and 
16 
duties as may be delegated by the Board. The President shall receive such reasonable 
17 
compensation, allowances and other emoluments as Board may determine. 
18 
 
19 
SEC. 10. Powers and Duties of the President of the Corporation. – The 
20 
President shall prepare the agenda of the Board of Trustees, execute and administer the 
21 
policies and resolutions adopted by the latter, and direct and supervise the operations 
22 
and management of the corporation. Subject to the approval by the board in the case of 
23 
managerial positions and above, the President shall appoint the personnel of the 
24 
Corporation, and prescribe their duties and qualifications, in accordance with existing civil 
25 
service laws, rules and regulations, to the end that only competent personnel may be 
26 
employed, and, when warranted, remove, suspend or otherwise discipline them for cause. 
27 
 
28 
SEC. 11. Exemption from Tax, Legal Process and Lien. – All laws to the 
29 
contrary notwithstanding, the Corporation and all its assets and properties, all 
30 
appropriations, funds and amortizations collected and all accruals thereto and income or 
31 
investment earnings therefrom, as well as all supplies, equipment, papers or documents 
32 
shall be exempt from any tax, assessment, fee, charge or customs or import duty. The 
33 
Corporation shall likewise be exempt from all kinds of taxes, fees or charges, and shall 
34 
not be liable to attachments, garnishments, levy or seizure by under any legal or equitable 
35 
process whatsoever, either before or after receipt by the person or persons entitled 
36 
thereto. No tax measure of whatever nature hereinafter enacted shall apply to the 
37 
Corporation, unless it expressly revokes the declared policy of the State in Section 2 
38 
hereof granting tax exemption to the Corporation. Any tax assessment against the 
39 
Corporation shall be null and void. 
40 
 
41 
The exemption from tax, assessments, fees or charges provided in the preceding 
42 
paragraph shall be in effect until the required capitalization of the Corporation is reached. 
43 
 
44 
All documents or contracts executed in line with the CMP and other social housing 
45 
programs to be administered by the SHDFC shall also be exempt from the payment of 
46 


tax, such as capital gains tax, documentary stamp tax, and registration fees, including 
1 
fees required for the issuance of transfer certificates of title. 
2 
 
3 
SEC. 12. Abolition of the SHFC and Transfer of its Powers and Functions, 
4 
Rights, Assets, and Liabilities. – The SHFC is hereby abolished. Within six (6) months 
5 
from the approval of this Act, the powers and functions of the SHFC and the programs 
6 
under its administration, in particular the CMP and such other related social housing 
7 
programs being implemented by it, shall be transferred to and be exercised by the 
8 
Corporation. The Corporation shall, by virtue of this Act, be subrogated to all the rights 
9 
and assume all the contracts and liabilities of the SHFC and all its pertinent funds and 
10 
appropriations, including unexpended allocations, records, property, assets, equipment 
11 
and personnel as are necessary: Provided, That before the Corporation takes over the 
12 
powers and functions contributions to SHFC and trust receivables from SHFC, plus the 
13 
excess of actual collections over the agreed trustee fees treated as an addition to such 
14 
trust accounts, shall all be assumed by and recorded in NHMFC’s books as receivables 
15 
from the national government, while on the other hand, the total amount of such assumed 
16 
obligation shall be converted and recorded in the Corporation’s books as equity infusion 
17 
from the national government: Provided further, That the existing officers and employees 
18 
of the SHFC shall continue to assume their posts in a holdover capacity until they have 
19 
qualified to become civil service eligible within two (2) years from the effectivity of this Act 
20 
and their new appointments are issued. 
21 
 
22 
SEC. 13. Structure and Staffing Pattern. – The position structure and staffing 
23 
pattern of the Corporation shall be subject to the approval of the Governance Commission 
24 
for GOCCs (GCG). To ensure the continued implementation of the CMP, HDH and such 
25 
other related social housing programs being implemented by it during the period of 
26 
transfer and transition, SHFC personnel who are performing the functions transferred to 
27 
the Corporation shall continue to perform their duties and responsibilities; Provided, That 
28 
the said personnel may, at their option, retire or be separated from the service within two 
29 
(2) years from the effectivity of this Act for which they shall be entitled to a severance pay 
30 
equivalent to three (3) times their monthly salary for every year of service at the time of 
31 
retirement or separation: Provided further, That a fraction of at least six (6) months shall 
32 
be considered as one (1) whole year: Provided, finally, That in the absence of any 
33 
retirement plan in the SHFC, the entitlement to the retirement benefit under Republic Act 
34 
No. 7641 shall not be diminished or modified in whatever manner. 
35 
 
36 
SEC. 14. Appropriations. – The amount needed for the initial implementation of 
37 
this Act shall be charged against the capitalization to be allocated in the amount of Fifty 
38 
Billion Pesos (P50,000,000,000.00) to be sourced from (a) conversion of SHFC’s Ten 
39 
Billion 
Five 
Hundred 
Ninety-Three 
Million 
Sixty-Nine 
Thousand 
Pesos 
40 
(P10,593,069,000.00) trust liability to NHMFC, including the excess of actual collections 
41 
over the agreed trustee fees treated as an addition to the trust accounts, into equity 
42 
infusion from the national government; (b) SHFC’s assets, including the Ten Million Pesos 
43 
(P10,000,000.00) paid-up capital of the NHMFC based upon its issued outstanding 
44 
shares of stocks which shall also be converted and deemed part of the national 
45 
government’s equity infusion in the Corporation; (c) the remaining funds and assets 
46 


administered by SHFC under the AKPF as well as funds to be appropriated for 
1 
amortization support and development financing components under the CISFA; and (d) 
2 
Thirty Six Billion Pesos (P36,000,000,000.00) from HDH allocated funds in the annual 
3 
General Appropriations Act. 
4 
 
5 
No portion of the capital of the Corporation shall accrue to any agency or 
6 
instrumentality of the national government, including government-owned and controlled 
7 
corporations. 
8 
 
9 
Thereafter, the amount needed for the operation and maintenance of the 
10 
Corporation shall be included in the annual General Appropriations Act: Provided, That 
11 
the operating expenses of the Corporation itself shall not exceed the amount, as may be 
12 
determined by the Board based upon optimum efficiency and effectivity and that at least 
13 
more than half of said annual appropriation shall be disbursed for the Corporation’s 
14 
programs, projects, and activities, based upon progression of productivity and 
15 
participative contribution to the National Shelter Program. 
16 
 
17 
SEC. 15. Interim Applicability of Existing Policies, Guidelines, and Rules. – 
18 
Existing policies, guidelines, rules and regulations with respect to the functions of the 
19 
SHFC which have been transferred to the Corporation shall continue to be applicable and 
20 
in effect until amended or modified accordingly. 
21 
 
22 
SEC. 16. Audit. – The Chairman of the Commission on Audit shall appoint and 
23 
assign to the Corporation a Resident Auditor and other subordinate personnel, 
24 
responsible to and removable only by the Commission on Audit, as provided for under 
25 
Presidential Decree No. 1445, otherwise known as the Government Auditing Code of the 
26 
Philippines. The Auditor shall submit, through the Commission, an annual report on the 
27 
financial condition and the result of the operations of the Corporation to the President of 
28 
the Republic of the Philippines and to each chamber of the Congress of the Philippines. 
29 
 
30 
SEC. 17. Legal Counsel. – The Office of the Government Corporate Counsel shall 
31 
be the General Counsel of the Corporation. 
32 
 
33 
SEC. 18. Reports. – The corporation shall submit an annual report to the President 
34 
of the Philippines and to be both chambers of the Congress of the Philippines. 
35 
 
36 
SEC. 19. Suppletory Application of Other Laws. – The provisions of Republic 
37 
Act No. 10149 or the GOCC law and the Corporation Code shall have suppletory 
38 
application on matters not provided in this Act. 
39 
 
40 
SEC. 20. Implementing Rules and Regulations. – The implementing rules and 
41 
regulations to effectively carry out the provisions of this Act shall be drafted and prepared 
42 
by the Corporation in coordination with the following agencies: (a) Housing and Urban 
43 
Development Coordinating Council (HUDCC); (b) National Housing Authority (NHA); (c) 
44 
National Home Mortgage and Finance Corporation (NHMFC); (d) Home Guaranty 
45 
Corporation (HGC); (e) Housing and Land Use Regulatory Board (HLURB); (f) Home 
46 


Development and Mutual Fund (HDMF); (g) Department of Finance (DOF); (h) 
1 
Department of Budget and Management (DBM); and (i) two (2) private sector 
2 
representatives to be appointed each by the SHFC and the HUDCC. It shall be adopted 
3 
and promulgated by the Board of Trustees of the Corporation not later than ninety (90) 
4 
days after the approval of this Act which shall be published in at least one (1) national 
5 
newspaper of general circulation. 
6 
 
7 
SEC. 21. Separability Clause. – If, for any reason, any provision of this Act, or 
8 
the application thereof to any person or circumstances, is held invalid or unconstitutional, 
9 
the remaining provisions not affected thereby shall continue to be in full force and effect. 
10 
 
11 
SEC. 22. Repealing Clause. – Executive Order No. 722, dated January 20, 2004 
12 
is hereby repealed. All other laws, decrees, executive orders, or rules and regulations 
13 
and other issuances, or parts thereof which are inconsistent with or contrary to the 
14 
provisions of this Act or its purposes are likewise repealed, amended, or modified 
15 
accordingly. 
16 
 
17 
SEC. 23. Effectivity. – This Act shall take effect fifteen (15) days after its complete 
18 
publication in the Official Gazette or in a newspaper of general circulation. 
19 
 
Approved,