‘f
NINETEENTH CONGRESS OF THE ) 
REPUBLIC OF THE PHILIPPINES )
First Regular Session 
)
S E N 
S. No.
if;.;
of (he ^
*22 JUL14 P4:07
'b^
RECEIVED BY:
Introduced by SENATOR FRANCIS "TOL" N. TOLENTINO
AN ACT
STRENGTHENING THE NATIONAL HOUSING AUTHORITY, EXTENDING ITS 
CORPORATE TERM, AND AMENDING FOR THIS PURPOSE PRESIDENTIAL
DECREE NO. 757, ENTITLED "CREATING THE NATIONAL HOUSING 
AUTHORITY AND DISSOLVING THE EXISTING HOUSING AGENCIES, 
DEFINING ITS POWERS AND FUNCTIONS, PROVIDING FUNDS THEREFOR,
AND FOR OTHER PURPOSES"
EXPLANATORY NOTE
Housing assistance can drive significant economic improvement on the well­
being of low income families as housing costs may amount to the largest expense item 
in their budget. Hence, socialized housing and resettlement programs remain as one of 
the top priority social welfare initiatives of the government amid rapid population 
growth, urbanization, and rural-urban migration. In order to reduce poverty and to 
improve socio-economic development, it is imperative that housing assistance, as a 
platform, is efficiently utilized.
Article XIII, Section 9 of the 1987 Constitution provides that "[t]he State shall, by 
law, and for the common good, undertake, in cooperation with the private sector, 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. It shall also promote adequate 
employment opportunities to such citizens. In the implementation of such program the 
State shali respect the rights of small property owners."
The National Housing Authority (NHA), a government-owned and controlled 
corporation (GOCC), was established by virtue of Presidential Decree No. 757. As the 
sole government agency engaged in direct shelter production, the NHA is tasked to 
develop and implement a comprehensive and integrated housing program which shall 
embrace housing development and resettlement, sources and schemes of financing, 
and delineation of government and pnvate sector participation, among others. Much 
still needs to be done to improve the planning and implementation of housing and 
resettlement programs. The Department of Human Settlements and Urban 
Development (DHSUD) has reported that the country's housing backlog stood at 6.75 
million units as of September 2C20. This number can balloon to 22 million units by 2040 
if the problem is not addressed. The COVID-19 pandemic has also laid bare not only 
urban planning issues in the country that has made the observance of social distancing 
protocols challenging, but also the plight of many Filipinos who have lost their homes or 
are in danger of losing them due to economic reversals.
The NHA's corporate existence is set to expire in 2025, or fifty (50) years from its 
creation on 31 July 1975. This bill seeks to extend the corporate life of the NHA for 
another fifty (50) years In order to provide continuity to the government's housing 
programs. It also eums to streamline administration, strengthen policy formulation, and 
improve the delivery of services by reinforcing the Authority's powers and functions.
In view of the foregoing, the immediate passage of this bill is earnestly sought.
TOL" N. TOLENTINO


NINETEENTH CONGRESS OF THE ) 
REPUBLIC OF THE PHILIPPINES ) 
First Regular Session 
)
S E N A f.E 
S. No.boo
A- ■ . 
-r'r
tr -h!, 
>3 
<>*• ” »»»’ '
o{ tlje it* v:;
*22 JUL 14 P 4 -07
received BY.
Introduced by SENATOR FRANCIS "TOL" N. TOLENTINO
AN ACT
STRENGTHENING THE NATIONAL HOUSING AUTHORITY, EXTENDING ITS 
CORPORATE TERM, AND AMENDING FOR THIS PURPOSE PRESIDENTIAL 
DECREE NO. 757, ENTITLED "CREATING THE NATIONAL HOUSING 
AUTHORITY AND DISSOLVING THE EXISTING HOUSING AGENCIES, 
DEFINING ITS POWERS AND FUNCTIONS, PROVIDING FUNDS THEREFOR,
AND FOR OTHER PURPOSES"
Be it enacted by the Senate and the House of Representatives of the Phiiippines in 
Congress assembled:
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SECTION 1. Title. - This Act shall be known as the "National Housing Authority
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Act of 2022."
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SECTION 2. Declaration of Policy. - It is the policy of the State to ensure a
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continuing urban land reform and housing program, which will make available at
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affordable cost, sustainable housing and basic services to underprivileged and homeless
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citizens, in order to guarantee freedom from poverty, rising standard of living, and
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improved quality of life for all.
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The State, in partnership with the private sector and stakeholders, shall also:


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(a) Expand people's access to affordable, adequate, safe, and secure shelter
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in well-planned and sustainable communities;
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(b) 
Enable informal settler families to live in resilient, vibrant, and connected
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urban communities;
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(c) 
Promote inclusive and integrated housing that are culturally sensitive,
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community-based, responsive to local context and/or special needs, and In accordance
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with appropriate standards and designs;
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(d) 
Develop and sustain close partnerships with local government units
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(LGUs) to enhance and streamline the formulation, preparation, and implementation of
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housing programs;
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(e) 
Encourage and sustain investments in the housing and urban
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development sector by, among others, promoting partnerships, improving market
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linkages, simplifying government procedures, and facilitating access to finance.
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(f) Improve affordability of housing programs and projects;
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(g) 
Respond to displacement of families due to natural disasters and
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emergencies;
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(h) 
Promote climate change resilient housing and basic infrastructure, taking
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into account the impoitance of cultural and environmental SLewardr'hip; and
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(i) 
Make land available and accessible for housing.
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SECTION 3. Statement of Objectives. - Towards this end, the State shall
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integrate all laws relating to the National Housing Authority to effectively achieve the
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following objectives:


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(a) Develop integrated, sustainable, safe, affordable and resilient
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communities, particularly for the underprivileged and homeless as well as low-income
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households;
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(b) 
Implement innovative and alternative solutions in addressing the housing
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needs of informal settler families, the lower-income classes, and the vulnerable sector,
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(c) 
As a government-owned and -controlled corporation, to generate income
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through the efficient utilization of existing and future assets to support the programs of
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the Authority;
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(d) 
Adopt viable land acquisition and management approaches; and
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strengthen housing as a platform to reduce poverty, promote climate
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resilience, improve socic-cultural outcomes, and promote economic development.
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SECTION 4. Extension of Corporate Term; Effect - The corporate term of
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the government corporation known as the National Housing Authority, hereinafter, the
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"Authority1, created by virtue of Presidential Decree No. 757 (P.D. 757), is hereby
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extended for a period of fifty (50) years upon the approval of this Act.
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As such, the Authority shall continue to perform its mandates, exercise its
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powers and functions, and enjoy its incentives, as contained in P.D. 757, and
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subsequent laws and issuances, unless expressly repealed herein. Likewise, it shall
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continue to enjoy all rights and assume all of the liabilities that pertain thereto.
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SECTION 5. Office, - The Authority shall retain its principal office at the NHA
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Main Office, Elliptical Road, Diliman, Quezon City 1101, but may have such regional and
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district offices, agencies, or subsidiaries in other areas in the country, as necessary.
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SECTION 6. Powers and Functions of the Authority, - The Authority, in line
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with its role as the sole government agency engaged in direct shelter production, and in


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pursuit of the foregoing policies and. objectives, shall also exercise the foilowing
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powers and functions:
3 
I. Housing Operations and Support Services
(a) Develop and implement comprehensive and integrated housing and 
urban and rural development programs for citizens including, but not 
limited to:
i. 
programs for the improvement of blighted urban areas;
ii. direct shelter production and disposition primarily for Informal 
settler families and the underprivileged and homeless;
iii. relocation of families subject of cou^t-ordcrad eviction; and,
iv. housing programs for government employees and armed 
personnel, such as: members of the Armed Forces of the 
Philippines (AFP), Philippine National Police (PNP), Bureau of Jail 
Management and Penology (BJMP), Bureau of rire Protection 
(BFP), and Bureau of Corrections (BuCor).
(b) Prescribe guidelines and standards for the reservation, conservation, 
and ut'lization of public lands identified for housing and resettlement,
(c) Design and implement sustainable livelihood programs, fully funded by 
the national government, which are responsive to the needs of its 
housing community, in coordination with the concerned local and 
national government agencies, with adequate participation of civil 
society organizations and representation from the private sector;
(d) Strengthen citizen participation in the planning of housing programs 
and projects. Housing programs and projects shall be publicly available 
in a manner that affords affected housing residents, assisted families.
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and other interested parties an opportunity, for a period not shorter 
than sixty (60) days, to study and comment on the measures. The 
Authority, in preparing a final plan or in making amendments, shall 
consider comments cr views receiver from stakeholders. The final 
plan, program, amendment, or report shall be made publicly available.
(e) Formulate a comprehensive housing management plan, which shall be 
updated regularly, or as circumstances require, and shall contain the 
following information:
i. 
Financial Resources - An operating budget for the Authority that 
Includes a description of the financial resources available; the uses 
to which such resources will be committed, and administrative, 
management, maintenance, and capital improvement activities to 
be carried out; and an estimate of the market value of each public 
housing development of the Authority;
ii. Eligibility - A statement of the policies of the Authority governing 
eligibility, admissions, and occupancy of housing dwelling units and 
housing assistance. The plan shall include the procedures for 
assignment of families admitted to dwelling units and any 
standards and requirements for occupancy. The necessary 
safeguards for unauthorized sale, lease, rent, or disposition of 
housing units shall also be reinforced; and
ill. Quality Standards - A statement of the standards and policies of 
the Authority governing maintenai ice and management of housing 
projects. It shall lay down the routine and preventive maintenance 
policies for public housing, emergency, and disaster plans as well 
as collection and security plans and policies.


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(f) Develop and undertake other urban and rural development projects 
including basic community facilities^ by itself or through joint ventures 
or other arrangements with public and private entities;
(g) Improve, redevelop, or revitalize completed but not yet turned-over 
NHA housing projects by constructing therein additional community 
structures, or whenever necessary, demolishing previously erected 
structures similar in nature, and consistent with existing laws and 
regulations;
(h) Provide technical and other forms of assistance to local government 
units in the implementation of their own housing programs, or private 
developers undertaking low-cost housing projects, in consonance with 
the policies of the Authority;
(i) Undertake financing of housing programs initiated by local government 
units or local communities; and
(j) Extend shelter services to victims of calamities, natural or manmade, 
as declared by the President; for this purpose, the Authority is given 
sufficient leeway by the other government agencies to expedite the 
process.
II. Asset Management and Business Development
(a) Exercise the right of eminent domain, purchase, sell, lease and/or 
exchange lands for purposes of housing development, resettlement 
and other related services and facilities;
(b) Issue bonds or contract loans, credits, or indebtedness. Including 
suppliers credit or any deferred payment arrangements with any 
person or entity, domestic or foreign, for the implementation of its 
housing programs;


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(c) Invest its funds, as it may deem proper, in bonds and securities issued 
and guaranteed by the government or by the Bangko Sentral ng 
Pilipinas, and to invest, own or otherwise participate in equity in any 
establishment, firm, or entity; to form, organize, invest in, or establish 
and maintain a subsidiary or subsidiaries in relation to any of its 
purposes;
(d) Ensure the collection and recovery of all indebtedness, liabilities, 
and/or accountabilities, due from all obligors, whether public or 
private; to demand payment of the obligations referred to herein, and 
in the event of failure or refusal of the obligor or debtor to comply with 
the demand, to initiate and institute the necessary or proper actions or 
suits, criminal, civil, administrative, or otherwise, before the courts, 
tribunals, commissions, boards, or bodies of proper jurisdiction: 
Provided, however, that the Authority may compromise or release, in 
whole or in part, any interest, penalty, or civil liability to the Authority 
in connection with the collection or amortizations, under such terms 
and conditions as prescribed by the Board of Directors, and consistent 
with existing laws and regulations: Provided, further. That the Board 
may, upon recommendation of the General Manager, deputize any 
member of the Aut.iority's legal staff to act ai special sheriff in 
foreclosure cases, in the sale or attachment of the debtor s properties, 
and in the enforcement of court writs and processes in case involving 
the Authority. The special sheriff of the Authority shall make a report 
to the proper court after any action caken by him, which shall treat 
such action as if it were an act of its own sheriffs In all respects, and.
(e) Generate sources and formulate schemes for financing, with due 
delineation of government and private sector participation.


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III. Management Services
(a) Formulate and enforce general and specific policies for housing and 
resettlement;
(b) Monitor and/or discharge all responsibilities of the government as may 
arise from treaties, agreements, and other commitments on housing 
and resettlement to which it is a signatory, including the determination 
of forms of assistance for housing development to be extended 
through multilateral or bilateral assistance programs;
(c) Serve as central repository of database and census list of 
households/families along waterways, danger areas, government 
infrastructure project site, and government-owned lands in Metro 
Manila and all regions nationwide, which shall be used for subsequent 
government interventions with housing and resettlement component; 
and,
(d) Approve restructuring proposal for the payment of unpaid 
amortizations under such terms and conditions as the Board of 
Directors may prescribe.
IV. General Powers
(a) Have the power of succession; to sue and be sued; to adopt and use a 
seal which shall be judicially noticed;
(b) Enter into contracts whenever necessary under such terms and 
conditions as it may deem proper and reasonable;
(c) Acquire property rights and interests, and encumber or otherwise 
dispose the same as it may deem app>'opriate;


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(d) Borrow funds from any source, private or government, foreign or 
domestic;
(e) Receive donations, grants, bequests, and fund transfers from other 
government agencies, and utilize the same for the attainment of its 
objectives. Such donations, grants and bequests shall be exempt from 
the payment of transfer taxes and be fully deductible from the gross 
income of the donor or grantor for income tax purposes;
(f) Maintain a provident fund, which shall consist of contributions made by 
both the Authority and its officers and employees and their earnings, 
for the payment of benefits to such officials and employees or their 
heirs under such terms and conditions as it may prescribe; and
(g) Discharge all functions and perform such other acts not inconsistent 
with this Act, as may be necessary to effect the policies and objectives 
herein declared.
SECTION 7. The Board of Directors; Its Composition. — The Board of 
Directors, hereinafter referred to as the Board, is hereby reconstituted to have a 
maximum of thirteen (13) members, consisting of the following:
(a) Eleven (11) officio members, namely:
(1) Secretary of Human Settlements and Urban Development;
(2) Secretary of Public Works and Highways;
(3) Secretary of Finance;
(4) Secretary of Trade and Industry;
(5) Secretary of Labor and Employment;
(6) Secretary Environment and Natural Resources;
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(7) Secretaty of Interior and Local Government;
(8) Secretary of Budget and Management;
(9) Director-General of the National Economic and Development Authority
(10) 
Executive Secretary; and
(11) 
General Manager of the Authority
(b) Two (2) expert panel members with expertise in housing, urban planning, 
and development. The expert panel members must be: (i) Filipino citizens and of good 
moral character; (ii) of recognized probity and independence and must have 
distinguished themselves professionally in public, civic, or academic service, (iii) in the 
active practice of their professions for at least seven (7) years; and (iv) must not be 
appointed within one (1) year after losing in the immediately preceding elections, 
whether regular or special.
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The Secretary of the Department of Human Settlements and Urban Development
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shall be the ex-officio Chairperson of the Board.
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All appointive directors must have qualified under the Fit and Proper Rule, as
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defined by Republic Act No. 10149 or the "Governance Commission for GOCCs (GCG)
17 
Law." An appointive director shall have a term of one (1) yoar, unless sooner removed
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for cause: Provided, That to ensure the continued performance of governmental
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functions necessary for efficient delivery of public service, the appointive director,
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unless sooner renioved for cause, shall continue to hold office until ^:he successor is
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appointed.
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The Board shall meet regularly at least once a month, nevertheless, special
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meetings may be called either by the Chairperson or by seven (7) members of the
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Board as may be deenied necessary. Seven (7) members of the Board shall constitute a
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quorum and all decisions of the Board shall require the concurrence of at least seven
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(7) members.
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SECTION 8. Powers and Duties of the BoardAr\ addition to usual corporate
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powers, the Board shall have the following powers and functions specified in this Act
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and the usual corporate powers:
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(a) Formulate, prescribe, and promulgate the implerneniing rules and
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regulations required by this Act;
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(b) 
Promulgate such rules and regulations as may be necessary or proper for
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the effective exercise of the powers and functions, as well as the discharge of the
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duties and responsibilities of the Board, its officers, and employees;
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(c) Act upon the annual budget and such supplemental budgets of the
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Authority submitted by the General Manager: Provided, that the Board may reduce but
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may not increase any i .em proposed by the General Manager,
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(d) 
Approve the Authority's organizational and administrative structures and
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staffing pattern, and to establish, fix, review, revise, and adjust the appropriate
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compensation package of its officers and employees as submitted by the General
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Manager;
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(e) 
Design, formulate, negotiate, and implement financial or investment
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schemes;
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(f) 
Enter into such contract or agreement as may be necessary for the
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attainment of the purposes and objectives of this Act;
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(g) 
Enter into and execute memoranda of agreements, joint ventures, long
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term leases, and management contracts with private sector entities, to include real
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estate developers or construction companies with dependable reputation and proven
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track record in developing and managing real estate ventures;
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(h) Condone or compromise, in whole or in part, penalties, interests or civil
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liabilities imposed on beneficiaries with delinquent accounts who, for justifiable reasons
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prescribed by the Board, failed to pay on time any obligation due to the Authority;
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Render annual reports to the President and such special reports as may
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be requested; and
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(j) 
Exercise such powers necessary or incidental to the attainment of the
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purposes of this Act.
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SECTION 9. Genera! Manager The General Manager shall be appointed by the
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President and shall have the following powers and duties:
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(a) 
Execute and administer the policies and resolutions approved by the
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Board of Directors and prepare its agenda;
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(b) 
Direct and supervise the operations, management and internal affairs of
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the Authority. The General Manager may delegate certain of his administrative
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responsibilities to other officers of the Authority, subject to the rules and regulations
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promulgated by the Board;
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(c) 
Subject to the approval of the Board, to fix the number and salaries of
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and appoint, the subordinate officers and personnel of the Authority and to remove, or
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otherwise discipline, for cause, any such officer or employee pursuant to the provisions
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of the Civil Service Commission on discipline;
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(d) Represent the Authority in all dealings with other officers, agencies, and
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instrumentalities of the Government and with all persons and entities, public or private,
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domestic or foreign;
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(e) Act, in the conduct of the business of the Authority, on all matters that are
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not by this Act specifically reserved to the Board;
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(f) Solely confer lot awards to eligible beneficiaries;
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(g) 
Have original and exclusive jurisdiction over cases filed questioning the
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propriety of lot awards granted to the Authority's beneficiaries; for this purpose, the
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General Manager may create a body for the investigation and adjudication of such
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cases;
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(h) 
Report and submit to the Board as soon as possible after the close of each
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fiscal year, if applicable, a complete report of the operations of the Authority for the
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preceding year, and the state of its affairs; and
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(i) Exercise such other powers and duties as may be vested in him by the
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SECTION 10. Assistant Genera! Manager - The General Manager shall be 
assisted by three (3) Assistant General Managers, who shall be appointed by the 
President. The General Manage may recommend nominees to the President for Acting 
General Managers: Provided, That at least one (1) Assistant General Manager shall be a 
career officer.
SECTION 11. Qualifications and Appointment - No person shall be 
appointed General Manager and Assistant General Manager of the Authority unless he 
or she is a citizen and resident of the Philippines, of good moral character, and of 
proven integrity, competence, and expertise in housing, urban planning, and 
development.
SECTION 12. Organizational Structure and Staffing Pattern, - Subject to 
the approval of the Governance Commission for GOCCs (GCG), the Board shall 
determine the Authority's organizational structure, and create new divisions or units, as 
it may deem necessary in accordance with civil service laws, rules, and regulations. 
Subject to the approval of the Board, the General Manager shall likewise determine the 
rates of allowances, honoraria, and such other additional compensation which the 
Authority is hereby authorized to grant to its officers, technical staff, and consultants, 
including the necessary detailed personnel.
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SECTION 13. Disaster and Emergency Response Housing Office. - There 
shall be a Disaster and Emergency Response Housing Office under the Authority which 
shall formulate plans and programs addressing the needs of displaced families due to 
disasters and emergencies and shall ensure the effective and efficient implementation 
of post disaster or emergency housing programs through sustainable, integrated, multi­
sectoral and community-based approaches and strategies, in coordination with local 
government units.
SECTION 14. Exemption from Taxes and Regulatory Fees. - The
Authority, its assets and properties, and all accruals thereto and income or investment 
earnings therefrom, as well as supplies, equipment, papers, or documents shall be 
exempt from any tax, assessment, fee, charge, or customs or import duty, of any kind, 
whether imposed by local or national entities. The exemption includes, but is not limited 
to the following: income tax, real property tax, capital gains tax, transfer tax, value 
added tax, donor's tax, and similar taxes; and building permit fee, fire inspection permit 
fee. Environmental Compliance Certificate (ECC) fees, and other regulatory fees. 
Similarly, the Authority shall be exempt from the payment of documentary stamp tax 
and registration fees, including fees required for the issuance of transfer certificates of 
tides. Furthermore/ to promote the policy of improving housing affordabTty, projects of 
the Authority, in cooperation with local government units, the private sector, and other 
entities, shall also enjoy the exemptions enumerated above.
SECTION 15. Lands for Authority Projects; Management; Conversion
and Classification. - The Authority shall assess the lands identified and designated for 
Housing and Urban and Rural Development, pursuant to Section 24 of Republic Act No. 
11201, otherwise known as the "Department of Human Settlements and Urban 
Development Act", for program or project feasibility. Should the site evaluation be 
found suitaole, said lots shall forthwith be transferred to the Authority. This shall not, 
however, preclude the Authority from pursuing its continuing mandate under existing 
laws of Identifying, acquiring, and managing lands for the immediate and future needs 
of its beneficiaries. In pursuit thereof, the Authority must consider, among others, the
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access to basic services and utilities and modes of transport, the proximity to economic
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opportunities, and the preservation of the social capital of beneficiaries. All lands
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acquired by the Authority, for any of its programs and projects, shall be reclassified and
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converted, in order to facilitate their immediate development, pursuant to existing laws.
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The Authority, in coordination with the Department of Human Settlements and Urban
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Development (DHSUD), the Department of the Interior and Local Government (DILG),
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the Department of Agriculture (DA), and the Department of Agrarian Reform (DAR),
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shall craft the rules and regulations necessary to implement this provision.
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SECTION 16. Designation of the Authority as Lead Agency in the
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Disposition Activities. - The Authority, under the supervision of the DHSUD, shall
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take the lead in the disposition activities of the lands in the preceding section: Provided,
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that disposition activities shall include the preliminary stages of identification and
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evaluation of lands suitable for disposition under this Act. The DHSUD is hereby
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directed to submit immediately an updated list of government-owned lands suitable for
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socialized housing purposes and shall make recommendations to the President of the
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Philippines relative to the disposition of the lands subject hereof.
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SECTION 17. Managemeht or Disposition of Completed Projects. The
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Authority shall determine, establish and maintain the most feasible and effective
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program for the management or disposition of specific housing or resettlement projects.
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Unless otherwise decided by the Board, completed housing or resettlement projects
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shall be managed and administered by the Authority until it they have been turned over
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to the local government unit concerned or other public or private entity concerned, as
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the case may be.
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SECTION 18. Issuance of Bonds. - Subject to the approval of the Secretary
25 
of Finance, after consultation with the Monetary Beard cf the Bangko Sentral ng
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Pilipinas (BSP), the Authority is hereby authorized to issue bonds and other securities to
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finance the implementation of its housing programs: Provided, That only so much of
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such bonds or securities shall be issued and sold as the annual project implementation
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would require: Provided, further. That no bonds or securities shall be issued unless 
eighty per cent (80%) of those already issued had been sold: Provided, finally. That the 
total amount of the bonds or securities issued shall in no case exceed ten times its paid 
up capital and surplus.
The Authority, in consultation with the Secretary of Finance and the Monetary 
Board, shall prescribe the form, the rate of, interest, and denominations, maturities, 
negotiability, call or redemption features, and all other terms and conditions of the 
bonds and securities to be issued. In the promotion of the sale of bonds or securities, 
the Authority is authorized to adopt the lottery scheme enunciated under existing laws, 
rules, and regulations. The bonds and securities issued under this Act including, the 
income thereof, shall be exempt from all kinds of taxes and from attachment, 
execution, and seizure which facts shall be stated on the face thereof. A sinking fund 
shall be established by the Authority in such manner that the total annual contribution 
thereto, accrued at such rate of interest as may be determined by the Secretary of 
Finance in consultation with the Monetary Board, shall be sufficient to redeem at 
maturity the bonds or securities issued pursuant to this Act. The sinking fund shall be 
under the custody and administration of the BSP which may invest the same in Bangko 
Sentral Certificates of Indebtedness and similar financing schemes subject to the 
approval of the Authority in consultation with the Secretary of Finance: Provided, that 
the proceeds from such scheme shall accrue to the Authority.
SECTION 19. Guarantee by the Government - The Republic of the 
Philippines hereby guarantees the payment of both the principal and the interest of the 
bonds, debentures, collaterals, notes or such other obligations Issued or incurred by the 
Authority by virtue of this Act, and shall pay such principal and interest in case the 
Authority fails to do so. In such event, the Republic of the Philippines shall succeed to 
all the rights of the holders of such bonds, debentures, collaterals, notes or other 
instruments to the extent of the payment made, unless the sum so paid by the Republic 
of the Philippines shall be refunded by the Authority within a reasonable time.
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SECTION 20. JSS and GSIS Participation. - Notwithstanding any provision 
of their respective Charters to the contrary, the Social Security System (SSS) and the 
Government Service Insurance System (GSIS) shall absorb all or part of the bonds or 
securities issued by the Authority In such proportion as may be determined by the 
National Economic and Development Authority (NEDAy and approved by the President 
of the Philippines,
SECTION 21. Reports. - The Authority shall submit an annual report to the 
Office of the President, copy furnished to the DHSUD, indicating, among others, the 
housing program being implemented, the stage of their implementation, and the 
financial position of the Authority. It shall likewise submit such periodic or other reports 
as may be required from time to time.
SECTION 22. Audit - The Chairperson of the Commission on Audit (COA) shall 
act as the ex-officio auditor of the Authority, and accordingly, is empowered to appoint 
a representative and other subordinate personnel to perform and report on such audit 
duties, who shall be responsible to and removable only by the COA Chairperson, 
without prejudice, however, to the power of the Board of Directors to contract for 
another mode of independent audit service, in addition to that provided by COA under 
Presidential Decree No. 1445, otherwise known as the Government Auditing Code of the 
Philippines.
SECTION 23. Implementing Rules and Regulations. -The implementing 
rules and regulations to effectively carry out the provisions of this Act shall be adopted 
by and promulgated by the Board of Directors of the Authority, not later than ninety 
(90) days after the approval of this Act.
The Departments charged with crafting the implementing rules and regulations 
to effectively carry out Section 14 hereof are given thirty (30) days after the approval of 
the Act to enact the same.
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SECflON 24. Applicability of the Revised Corporation Law. -The 
provisions of the Revised Corporation Code, in so far as they are not inconsistent with 
the provisions and policies provided |in this Act, shall be applicable to the Authority.
SECTION 25. Separability Clause. - If any provision of this Act is declared to 
be unconstitutional or invalid, the remaining provisions not affected thereby shall 
continue to be in full force and effect.
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SECTION 26. Repealing Clause. - All others laws, decrees, executive orders,
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or rules and regulations, or parts thereof inconsistent with or contrary to the provisions
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of this Act or its purposes are hereby amended or modified accordingly.
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SECTION 27. Effectivity Clause. - This Act shall take effect fifteen (15) days
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after its publication in the Official Gazette ov in a newspaper of general circulation.
Approved,