FOURTEENTH CONGRESS OF THE REPUBLIC 
) 
8 m 4 r  
OF THE PHILIPPINES 
1 
Second Regular Session 
) 
k 
Introduced by Senator Ramon Bong Revilla, Jr. 
EXPLANATORYNOTE 
Presidential Decree No. 1530 was the basis for the creation of the Home 
Development Mutual Fund (HDMF). The Fund was created to address the need 
for a national savings program and an affordable shelter financing specifically for 
the Filipino worker. 
Through the years, various decrees and issuances were implemented to 
further strengthen and improve the management of the Fund, now more 
popularly known as the PAG-IBIG (Pagtutulungan sa Kinabukasan: Nraw, 
Bangko, lndustriya at Gobyerno) Fund. Presently, Pag-l big Fund continues to be 
a strong partner in realizing Filipino workers’ dreams. In fact, as of 31 December 
2007, it has a nationwide membership of 6.85 million and now has a total asset of 
about P202.63 Billion. It has benefited more than 46,000 members nationwide in 
its housing loans. Furthermore, in October 2006, Pag-BIG was given the 
prestigious Scroll of Honour Awards by the United Nations Human Settlements 
Program during the World Habitat Day celebration. The award was in recognition 
of the efforts of Pag-IBIG Fund in “making the dream of affordable housing a 
reality for hundreds of thousand of households.” The Fund was the first Philippine 
government agency to receive such an award. 
This bill seeks to strengthen the powers of the Fund. Some amendments 
are therefore being proposed. 
Knowing that shelter is one of man’s three basic needs, immediate approval 
of this bill is hereby requested. 


.,. 
.OFFKG , 1L . i,(‘ sFc&b3j,ii; 
FOURTEENTH CONGRESS OF THE REPUBLIC 
OF THE PHILIPPINES 
) 
Second Regular Session 
Introduced by Senator Ramon Bong Revilla, Jr. 
AN ACT FURTHER STRENGTHENING THE HOME DEVELOPMENT MUTUAL 
PURPOSE PD 1752, AS AMENDED, AND FOR OTHER PURPOSES 
FUND, TO BE KNOWN AS THE PAG-IBIG FUND, AMENDING FOR THE 
Be if enacfed by fhe Senafe and House of Representatives of the 
Philippines in Congress, assembled: 
SECTION 1. TiNe. - This Act shall be known as the [Home Development 
Mutual Fund Law of 19801 “PAG-IBIG FUND LAW OF 2008.” 
SECTION 2. Declaration of Policy. - It is the policy of the [Republic of the 
Philippines to motivate the employed and other earning groups to better plan and 
provide for their housing needs by membership in an integrated, nationwide 
savings the spirit of social justice and the pursuit of national development.] 
STATE TO ESTABLISH, DEVELOP, PROMOTE, AND INTEGRATE A 
NATIONWIDE SOUND AND VIABLE TAX-EXEMPT MUTUAL PROVIDENT 
SAVINGS SYSTEM SUITABLE TO THE NEEDS OF THE EMPLOYED AND 
OTHER EARNING GROUPS, AND TO MOTIVATE THEM TO BETTER PLAN 
AND PROVIDE FOR THEIR HOUSING NEEDS, BY MEMBERSHIP IN THE 
PAG-IBIG FUND, WITH MANDATORY CONTRIBUTORY SUPPORT OF THE 
EMPLOYERS IN THE SPIRIT OF SOCIAL JUSTICE AND THE PURSUIT OF 
NATIONAL DEVELOPMENT. 
SECTION 3. STATEMENT OF OBJECTIVES. - TOWARDS THIS END, 
THE STATE SHALL INTEGRATE ALL LAWS RELATING TO THE PAG-IBIG 
FUND TO EFFECTIVELY ACHIEVE THE FOLLOWING OBJECTIVES: 
(A) TO IMPROVE THE QUALITY OF LIFE OF ITS CITIZENS BY 
PROVIDING THEM WITH SUFFICIENT SHELTER: 
I 


( B )  TO PROVIDE FOR AN INTEGRATED NATJONWIDE PROVIDENT 
SAVINGS SYSTEM; AND 
(C) TO PROVIDE HOUSING THROUGH MOBILIZATION OF FUNDS FOR 
SHELTER FINANCE. 
SECTION 4. DEFlNlTlON OF TERMS. - THE FOLLOWING SHALL 
MEAN: 
(A) “BOARD” - THE DULY CONSTITUTED BOARD OF TRUSTEES OF 
THE PAG-IBIG FUND; 
(B) “COMPENSATION” - BASIC MONTHLY SALARY PLUS MANDATED 
COST OF LIVING ALLOWANCE; 
(C) ”CONTRIBUTIONS” - THE AMOUNT PAYABLE TO THE FUND BY 
THE MEMBERS AND THEIR EMPLOYERS, IN ACCORDANCE WITH 
THIS ACT; 
(D) “DEPENDENTS” - REFER TO LEGAL DEPENDENTS OF A 
DECEASED MEMBER, AS DEFINED UNDER THE FAMILY CODE; 
(E) “EMPLOYEE” - ANY PERSON IN THE SERVICE OF AN EMPLOYER 
WHO RECEIVES COMPENSATION OF SUCH SERVICES; 
(F) “EMPLOYER” - ANY PERSON, NATURAL OR JURIDICAL, 
DOMESTIC OR FOREIGN, WHO CARRIES ON IN THE PHILIPPINES, OR 
OUTSIDE OF THE PHILIPPINES, ANY TRADE, BUSINESS, INDUSTRY, 
UNDERTAKING OR ACTIVITY OF ANY KIND, AND USES THE 
SERVICES OF ANOTHER PERSON WHO IS UNDER HIS ORDER AS 
REGARDS SUCH SERVICES; THE GOVERNMENT, ITS NATIONAL AND 
LOCAL OFFICES, POLITICAL SUBDIVISIONS, BRANCHES, AGENCIES, 
OR INSTRUMENTALITIES, INCLUDING CORPORATIONS OWNED 
AND/OR CONTROLLED BY THE GOVERNMENT, AND THE LOCAL 
GOVERNMENT UNITS; 
(G) “EMPLOYMENT” -ANY SERVICE PERFORMED BY AN EMPLOYEE 
FOR HlSlHER EMPLOYER WITHIN THE PHILIPPINES; PROVIDED 
HOWEVER, THAT ANY FOREIGN GOVERNMENT, INTERNATIONAL 
ORGANIZATION OR THEIR WHOLLY-OWNED INSTRUMENTALITY 
EMPLOYING WORKERS IN THE PHILIPPINES OR EMPLOYING 
FILIPINOS OUTSIDE OF THE PHILIPPINES, MAY ENTER INTO AN 
AGREEMENT WITH THE FUND FOR THE INCLUSION OF THEIR 
EMPLOYEES AS MEMBERS OF THE FUND: PROVIDED, FURTHER, 
2 


THAT THE TERM OF SUCH AGREEMENT CONFORM WITH THE 
PROVISIONS OF THIS~ACT. 
(H) “FUND” - THE FUND CREATED UNDER THIS ACT WHICH IS A 
GOVERNMENT FINANCIAL INSTITUTION INVOLVED IN MOBILIZING 
PROVIDENT FUND PRIMARILY FOR SHELTER FINANCE; 
(I) “GSIS” - THE GOVERNMENT SERVICE INSURANCE SYSTEM 
CREATED UNDER COMMONWEALTH ACT NO. 186, AS AMENDED; 
(J) “INVESTIBLE FUNDS” - SHALL MEAN FUNDS AVAILABLE AFTER 
DEDUCTING 
COST 
OF 
OPERATIONS 
AND 
EXPENSES, 
ADMINISTRATIVE AND GENERAL EXPENSES, RESERVES FOR 
BENEFIT CLAIMS, PROVISIONS FOR A SINKING FUND FOR THE 
RETURN OF THE MEMBERS EQUITY UPON MATURITY AND 
PROVISION FOR RESERVE FOR LOAN REPAYMENTS; 
(K) “MEMBER” - AN EMPLOYEE COVERABLE UNDER THIS ACT AND 
PAYS THE MANDATED CONTRIBUTIONS; 
(L) “MEMBERSHIP TERM” - A PERIOD OF TWENTY (20) YEARS 
COMMENCING FROM THE FIRST DAY OF THE MONTH TO WHICH 
THE MEMBERS INITIAL CONTRIBUTION TO THE FUND APPLIES; 
PROVIDED, THAT HE SHALL HAVE CONTRIBUTED A TOTAL OF TWO 
HUNDRED FORTY (240) MONTHLY CONTRIBUTIONS AT THE TIME OF 
MATURITY; 
(M) “NET FUND ASSET” - THE TOTAL ASSETS OF THE FUND LESS 
CURRENT LIABILITIES; 
(N) “PERMANENT TOTAL DISABILITY’’ - LOSS OR IMPAIRMENT OF A 
PHYSICAL AND MENTAL FUNCTION RESULTING FROM INJURY OR 
SICKNESS WHICH COMPLETELY INCAPACITATES A MEMBER TO 
PERFORM ANY WORK OR ENGAGE IN ANY 
BUSINESS OR 
OCCUPATION AS DETERMINED BY THE FUND; 
(0) “SSS” - THE SOCIAL SECURITY SYSTEM CREATED UNDER 
REPUBLIC ACT NO. 1161, AS AMENDED; 
SECTION 131 5. Fund System - To carry out the purposes of this Act, 
[there is hereby created the Home Development Mutual Fund of 1980. also 
referred to herein as the Fund, a provident savings system for employees, 
private and public, who shall be the members, supported by matching 
contributions of their respective employers, with housing as the primary 
investment. The system may cover self-employed and other working groups, as 
3 


herein provided.1 THE PAG-IBIG FUND IS HEREBY CREATED. THE FUND IS 
A 
MUTUAL 
PROVIDENT SAVINGS 
SYSTEM 
FOR 
PRIVATE AND 
GOVERNMENT 
EMPLOYEES 
AND 
OTHER 
EARNING 
GROUPS, 
SUPPORTED BY MATCHING MANDATORY CONTRIBUTIONS OF THEIR 
RESPECTIVE 
EMPLOYERS 
WITH 
HOUSING 
AS 
THE 
PRIMARY 
INVESTMENT. 
SECTION [4] 6. Fund Coverage - [Coverage of the Fund shall be 
mandatory upon all employees covered by the Social Security System and the 
Government Service Insurance System, and their respective employers: 
Provided, however, that coverage of the employees whose monthly 
compensation is less than Four thousand pesos (P4,OOO.OO) shall be voluntary: 
Provided, further, that upon membership with the Fund, their employers shall 
contribute an amount in accordance with Section 5 of this Act. 
Such coverage may be extended to other working groups, with or without 
employer contributions, as may be determined by the Board of Trustees. (As 
amended by R.A. No. 7742).] COVERAGE IN THE FUND SHALL BE 
MANDATORY UPON: (A) ALL EMPLOYEES COVERED BY THE SSS AND 
THE GSIS, AND THEIR RESPECTIVE EMPLOYERS, NOTWITHSTANDING 
ANY WAIVER OF COVERAGE PREVIOUSLY ISSUED, INCLUDING THE 
UNIFORMED MEMBERS OF THE ARMED FORCES OF THE PHILIPPINES, 
THE 
BUREAU 
OF 
FIRE 
PROTECTION, 
THE 
BUREAU 
OF 
JAIL 
MANAGEMENT AND PENOLOGY, AND THE PHILIPPINE NATIONAL POLICE; 
(B) FILIPINOS EMPLOYED BY FOREIGN-BASED EMPLOYERS; AND (C) 
SPOUSES WHO DEVOTE FULL TIME TO MANAGING THE HOUSEHOLD 
AND FAMILY AFFAIRS, UNLESS THEY ALSO ENGAGE IN ANOTHER 
VOCATION OR EMPLOYMENT WHICH IS SUBJECT TO MANDATORY 
COVERAGE, MAY BE COVERED BY THE FUND ON A VOLUNTARY BASIS 
ADOPTING AS A BASIS OF CONTRIBUTIONS ONE-HALF (1/2) OF THE 
MONTHLY COMPENSATION INCOME OF THE EMPLOYED SPOUSE. 
COVERAGE MAY ALSO BE EXTENDED TO OTHER WORKING 
GROUPS, WITH OR WITHOUT EMPLOYER CONTRIBUTIONS, AS MAY BE 
DETERMINED BY THE BOARD OF TRUSTEES. 
SECTION [5] 7. Fund GENERATlON AND Contributions. - THE FUNDS 
OF THE FUND SHALL BE GENERATED BY THE PROVIDENT SAVINGS 
THAT THE COVERED EMPLOYEES SHALL CONTRIBUTE FOR THE 
4 


PURPOSE EVERY MONTH, AND THE EQUAL AMOUNTS THAT THEIR 
RESPECTIVE EMPLOYERS SHALL MANDATORILY CONTRIBUTE. 
Covered employees and employers shall contribute to the Fund based on 
the Monthly Compensation of covered employees as follows: 
“Employees earning not more than One thousand five hundred pesos 
“Employees earning more than One thousand five hundred pesos 
“All employers - two percent (2%) of the monthly compensation of all 
[For purposes of this Section, “monthly compensation” shall mean the 
basic monthly salary plus cost-of-living allowance (COLA): Provided, however, 
that the maximum monthly compensation to be used in computing employee and 
employer shall not be entitled to deduct from the wages or renumeration of, or 
otherwise to recover from, the employee the employer’s contribution. (As 
amended by R.A. No. 7742).] 
(PI ,500.00) per month - one percent (1 YO). 
(PI ,500.00) per month - two percent (2%). 
covered employees. 
THE MAXIMUM MONTHLY COMPENSATION TO BE USED IN 
COMPUTING EMPLOYEE AND EMPLOYER CONTRIBUTIONS SHALL NOT 
BE MORE THAN FIVE THOUSAND PESOS (P5,OOO.OO): PROVIDED THAT 
THIS MAXIMUM MAY BE DETERMINED FROM TIME TO TIME BY THE 
BOARD OF TRUSTEES THROUGH RULES AND REGULATIONS ADOPTED 
BY IT, TAKING INTO CONSIDERATION ACTUARIAL CALCULATIONS AND 
RATES OF BENEFITS SUBJECT TO THE APPROVAL OF THE PRESIDENT 
OF THE PHILIPPINES. 
NOTWITHSTANDING ANY CONTRACT TO THE CONTRARY, AN 
EMPLOYER SHALL NOT DEDUCT. DIRECTLY OR INDIRECTLY, FROM THE 
COMPENSATION OF ITS EMPLOYEES COVERED BY THE FUND, OR 
OTHERWISE RECOVER FROM THEM, THE EMPLOYERS CONTRIBUTION 
WITH RESPECT TO SUCH EMPLOYEES. 
SECTION [SI 8.Membership Term. - Membership in the Fund shall be for 
a period of twenty (20) years [except when earlier terminated by reason of 
retirement, disability, insanity, death, departure from the country or other causes 
as may be provided for by the Board of Trustees: Provided, that those who 
become members of the Fund after the effectivity of this Act may withdraw the 
total accumulated value of their contributions to the Fund after the tenth of the 
fifteenth year of continuous membership: Provided, further, that said members 
5 


have no outstanding housing loans with the Fund: Provided finally, that this 
option may be exercised only once and shall not prejudice the member's 
continuing membership in the Fund.] PROVIDED, THAT THE MEMBER SHALL 
HAVE CONTRIBUTED A TOTAL OF TWO HUNDRED FORTY (240) MONTHLY 
CONTRIBUTIONS AT THE TIME OF MATURITY, EXCEPT WHEN EARLIER 
TERMINATED BY REASON OF RETIREMENT, DISABILITY, SEPARATION 
FROM THE SERVICE DUE TO HEALTH REASONS, INSANITY, DEATH, 
DEPARTURE FROM THE COUNTRY OR OTHER CAUSES AS MAY BE 
PROVIDED FOR BY THE BOARD OF TRUSTEES. 
Resignation, lay-off or suspension from employment may not necessarily 
constitute a ground for membership termination, except for suspension of 
contributions. 
SECTION [7] 9. Waiver or Suspension of Coverage. - Coverage of the 
Fund and/or the payment of monthly contribution to the same may, by rules or 
resolutions of the Board of Trustees, be waived or suspended by reasons of 
nature of employment, condition of business, ability to make contributions and 
other reasonable considerations. 
SECTION [8] 10. Provident Character. - The Fund shall be private in 
character, owned wholly by the members, administered in trust and applied 
exclusively for their benefit. All the personal and employer contributions shall be 
fully credited to each member, accounted for individually and transferable in 
case of change of employment. They shall earn dividends as may be provided 
for in the implementing rules. The said amounts shall constitute the provident 
fund of each member, to be paid to him, his estate or beneficiaries upon 
termination of membership, or from which peripheral benefits for the member 
may be drawn. 
SECTION [9] 11. Housing Features - A member of good standing shall 
be eligible to apply for housing, under such terms AND CONDITIONS as may be 
authorized by the Board of Trustees, taking into account ability to pay. The 
Board of Trustees shall institute policies to ensure that lower-income members 
obtain such housing loans. THE BOARD MAY, UPON RECOMMENDATION OF 
THE CHIEF EXECUTIVE OFFICER, DEPUTIZE ANY MEMBER OF THE 
FUND'S LEGAL STAFF TO ACT AS SPECIAL SHERIFF IN FORECLOSURE 
CASES, IN THE SALE OR ATTACHMENT OF THE DEBTORS PROPERTIES, 
6 


AND IN ENFORCEMENT OF COURT WRITS AND PROCESSES IN CASES 
INVOLVING THE FUND. THE SPECIAL SHERIFF OF THE FUND SHALL 
MAKE A REPORT TO THE PROPER COURT AFTER ANY ACTION TAKEN BY 
HIM, WHICH SHALL TREAT SUCH ACTION AS IF IT WERE AN ACT OF ITS 
OWN SHERIFFS IN ALL RESPECTS. 
SECTION 12. /MfLEM€NT/NG BODY. - THE PAG-IBIG FUND 
CREATED UNDER THIS ACT, SHALL IMPLEMENT THE PROVISIONS 
HEREOF. 
SECTION [IO] 13. [Corporate Powers] POWERS AND FUNCTIONS OF 
THE FUND. -The Fund shall have the powers and functions specified in this Act 
and the usual corporate powers: 
(a) To make policies and guidelines, as well as adopt, amend and rescind 
such rules and regulations as may be necessary to carry out the provisions 
and purposes of this Act; 
(B) TO ADOPT OR APPROVE THE ANNUAL AND SUPPLEMENTAL 
BUDGET OF RECEIPTS AND EXPENDITURES INCLUDING SALARIES 
AND ALLOWANCES OF THE FUND PERSONNEL; TO AUTHORIZE 
SUCH 
CAPITAL 
AND 
OPERATING 
EXPENDITURES 
AND 
DISBURSEMENTS OF THE FUND AS MAY BE NECESSARY AND 
PROPER FOR THE EFFECTIVE MANAGEMENT AND OPERATION OF 
THE FUND; 
[b] (C) To submit annually to the President of the Philippines not later than 
March 15, a report of its activities and the state of the Fund during the 
preceding year including information and recommendations for the 
development and improvement thereof; [and to furnish each member of the 
Fund a Statement of His Accumulated Fund Value at least once a year;] 
[c] (D) To invest [not less than seventy percent (70%) of its investible fund 
to housing,] ITS FUNDS in accordance with this Act; 
[d] (E) To acquire, utilize, or dispose of, in any manner recognized by law, 
real or personal properties to carry out the purposes of this Act; 
[e] (F) To set up its own accounting and computer systems; to conduct 
continuing actuarial and statistical studies and valuations to determine the 
financial viability of the Fund and its project; to require reports, compilations 
and analysis of statistical and economic data, as well as make such other 
7 


studies and surveys as may be needed for the proper administration and 
development of the Fund; 
[fl (G) To have the power of succession; to sue and be sued; to adopt and 
use a [separate] CORPORATE seal; 
[g] (H) To enter into and carry out contracts of every kind and description 
with any person, firm or association or corporations, domestic or foreign; 
[h] (I} To borrow funds from any source, private or government, foreign or 
domestic; 
[i] (J) 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; 
(k) 
TO 
APPROVE 
APPOINTMENTS 
IN THE 
FUND 
EXCEPT 
APPOINTMENTS TO POSITIONS WHICH ARE POLICY DETERMINING, 
PRIMARILY CONFIDENTIAL OR HIGHLY TECHNICAL IN NATURE 
ACCORDING TO THE CIVIL SERVICE RULES AND REGULATIONS; 
PROV/D€D, THAT ALL POSITIONS IN THE FUND SHALL BE 
GOVERNED BY A COMPENSATION AND POSITION CLASSIFICATION 
SYSTEM Q UALIFJCATION STANDARDS RECOMMENDED BY THE 
FUND'S BOARDOFTRUSTEES ANDAPPROVED BYTHEPRESIDENT 
OF THE PHILIPPINES BASED ON A COMPREHENSIVE JOB ANALYSIS, 
WAGE COMPENSATION STUDY AND AUDIT OF ACTUAL DUTIES AND 
RESPONSIBILITIES; 
PROVIDED, 
FURTHER, 
THAT 
THE 
COMPENSATION PLAN SHALL BE COMPARABLE WITH PREVAILING 
COMPENSATION PLANS IN THE PRIVATE SECTOR AND SHALL BE 
SUBJECT TO THE PERIODIC REVIEW OF THE BOARD NO MORE 
THAN ONCE EVERY FOUR (4) YEARS WITHOUT PREJUDICE TO 
YEARLY MERIT REVIEWS OR INCREASES BASED ON PRODUCTIVITY 
AND PROFITABILITY; 
(L) TO MAINTAIN A PROVIDENT FUND, WHICH SHALL CONSIST OF 
CONTRIBUTIONS MADE BY BOTH THE FUND 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; 
(M) TO DESIGN AND ADOPT AN EARLY RETIREMENT INCENTIVE 
PLAN (ERIP) FOR ITS OWN PERSONNEL; 
(N) TO ESTABLISH FIELD OFFICES AND TO CONDUCT ITS BUSINESS 
AND EXERCISE ITS POWERS IN THESE PLACES; 
8 


(0) TO APPROVE RESTRUCTURING PROPOSAL FOR THE PAYMENT 
OF DUE BUT UNREMITTED CONTRIBUTIONS AND UNPAID LOAN 
AMORTIZATIONS UNDER SUCH TERMS AND CONDITIONS AS THE 
BOARD OF TRUSTEES MAY PRESCRIBE; 
(P) TO DETERMINE, FIX AND IMPOSE INTEREST AND PENALTIES 
UPON UNPAID CONTRIBUTIONS DUE FROM EMPLOYERS AND 
EMPLOYEES; 
(Q) TO DESIGN AND IMPLEMENT OTHER PROGRAMS THAT WILL 
FURTHER PROMOTE AND MOBILIZE SAVINGS AND PROVIDE 
ADDITIONAL RESOURCES FOR THE MUTUAL BENEFIT OF THE 
MEMBERS 
WITH 
APPROPRIATE 
RETURNS 
ON 
THE 
SAVINGSIINVESTMENTS. THE PROGRAM SHALL BE SO DESIGNED 
AS 
TO 
SPUR 
SOCIO-ECONOMIC TAKE-OFF 
AND 
MAINTAIN 
CONTINUED GROWTH; 
(R) TO CONDUCT CONTINUING ACTUARIAL AND STATISTICAL 
STUDIES AND VALUATIONS TO DETERMINE THE FINANCIAL 
CONDITION OF THE FUND AND TAKING INTO CONSIDERATION SUCH 
STUDIES AND VALUATIONS AND 
THE 
LIMITATIONS HEREIN 
PROVIDED, READJUST THE BENEFITS, CONTRIBUTIONS, INTEREST 
RATES OF THE ALLOCATION OR REALLOCATION OF THE FUNDS TO 
THE CONTINGENCIES COVERED; AND 
u] (S) To exercise such powers and perform such acts as may be 
necessary, useful, incidental or auxiliary to carry out the provisions of this 
Act. 
SECTION [Ill 14. Board of Trusfees. - The CORPORATE powers and 
functions of the Fund shall be VESTED IN AND exercised by a Board of 
Trustees [composed of the Minister of Human Settlements as Chairman, the 
Minister of Finance as Vice-chairman, the Minister of the Budget, the Minister of 
Labor, the Minister of Industry, the Chief Executive Officer of the Fund, two 
representatives of private employees, two representatives of private employers, 
and one representative of government employees as members. 
The four private sector representatives shall be appointed by the 
President of the Philippines for a term of two years: Provided, however, That of 
the first set to be appointed, one representative of the employees and one 
representative of the employers shall have a term of only one year. The 
9 


representative of the government employees shall be appointed by the President 
of the Philippines for a term of two years. 
The members of the Board shall receive a per diem and reasonable 
transportation and representation allowance at par with other government 
financial institutions, as may be provided for by the Board of Trustees and 
approved by the President of the Philippines. 
Until the appointment of another person by the President of the 
Philippines upon the recommendation of the Board of Trustees. the President of 
the National Home Mortgage Finance Corporation shall be the Chief Executive 
Officer of the Fund.] APPOINTED BY THE PRESIDENT OF THE PHILIPPINES, 
COMPOSED OF THE FOLLOWING: 
(A) 
THE 
CHAIRPERSON 
OF 
THE 
HOUSING 
AND 
URBAN 
DEVELOPMENT AND COORDINATING COUNCIL, AS THE EX-OFFICIO 
CHAIRMAN; 
(6) THE SECRETARY OF THE DEPARTMENT OF FINANCE, AS THE 
EX-OFFICIO VICE CHAIRMAN 
(C) THE SECRETARY OF THE DEPARTMENT OF LABOR AND 
EMPLOYMENT OR HISIHER DULY DESIGNATED UNDERSECRETARY, 
AS EX-OFFICIO MEMBER; 
(D) THE SECRETARY OF BUDGET AND MANAGEMENT OR HlSlHER 
DULY DESIGNATED UNDERSECRETARY, AS Ex-OFFICIO MEMBER; 
(E) THE SECRETARY OF DEPARTMENT OF TRADE AND INDUSTRY, 
AS EX-OFFICIO MEMBER; 
(F) THE CHIEF EXECUTIVE OFFICER OF THE FUND, AS MEMBER; 
(G) FIVE (5) APPOINTIVE MEMBERS, TWO (2) REPRESENTATIVES OF 
PRIVATE EMPLOYEES, TWO (2) REPRESENTATIVES OF PRIVATE 
EMPLOYERS AND ONE (1) REPRESENTATIVE OF GOVERNMENT 
EMPLOYEES. 
THE FOUR (4) PRIVATE SECTOR REPRESENTATIVES SHALL EACH 
BE APPOINTED BY THE PRESIDENT OF THE PHILIPPINES FOR A 
TERM OF TWO (2) YEARS, PROVIDED HOWEVER, THAT OF THE 
FIRST TO 
BE APPOINTED, ONE REPRESENTATIVE OF THE 
EMPLOYERS SHALL HAVE A TERM OF ONLY ONE (1) YEAR. THE 
REPRESENTATIVE OF THE GOVERNMENT EMPLOYEES SHALL BE 
APPOINTED BY THE PRESIDENT OF THE PHILIPPINES FOR A TERM 
OF TWO (2) YEARS. 
10 


THE CHAIRMAN, VICE-CHAIRMAN, AND MEMBERS OF THE BOARD 
SHALL BE ENTITLED TO PER DlEM FOR EACH MEETING ACTUALLY 
ATTENDED AT SUCH AMOUNTS AS MAY BE FIXED BY THE BOARD IN 
ACCORDANCE WITH EXISTING LAWS, RULES AND REGULATIONS. 
SECTION [I21 15. Powers of fhe Board. - The Board shall have the 
following powers: 
(A) To formulate policies, rules and regulations to carry out effectively the 
functions of the Fund under this Act; 
(6) [To direct operations and administration of the Fund;] TO 
PROMULGATE SUCH RULES AND REGULATIONS AS MAY BE 
NECESSARY OR PROPER FOR THE EFFECTIVE EXERCISE OF THE 
POWERS AND FUNCTIONS, AS WELL AS THE DISCHARGE OF THE 
DUTIES AND RESPONSIBILITIES OF THE FUND, ITS OFFICERS AND 
EMPLOYEES; 
(c) To authorize expenditures of the Fund in the interest of effective 
administration and operations; to adopt from time to time the budgets for 
said purposes; 
(d) To approve [appointments of personnel; and] THE ANNUAL AND 
SUPPLEMENTAL BUDGET OF RECEIPTS AND EXPENDITURES 
INCLUDING SALARIES AND ALLOWANCE OF THE FUND, ITS 
OFFICERS AND EMPLOYEES; 
(E) TO CONDONE, IN WHOLE OR IN PART, PENALTIES IMPOSED ON 
LOANS 
OF 
MEMBERSlEORROWERS WHO, 
FOR 
JUSTIFIABLE 
REASONS PRESCRIBED BY THE BOARD, FAILED TO PAY ON TIME 
ANY OBLIGATION DUE TO THE FUND; PROVIDED, THAT SUCH 
EXCLUSIVE POWER TO CONDONE SHALL LIKEWISE APPLY TO 
PENALTIES IMPOSED ON EMPLOYERS, WHO JUSTIFIABLE FAIL TO 
REMIT WHEN DUE THE REQUIRED CONTRIBUTIONS OF THEIR 
EMPLOYEES; 
(F) TO RECOMMEND FOR APPROVAL BY THE PRESIDENT OF THE 
REPUBLIC OF THE PHILIPPINES THE FUND’S ORGANIZATIONAL AND 
ADMINISTRATIVE STRUCTURES AND STAFFING PATTERN, AND TO 
ESTABLISH, FIX, REVIEW, REVISE AND ADJUST THE APPROPRIATE 
COMPENSATION PACKAGE FOR THE OFFICERS AND EMPLOYEES 
OF THE FUND IN ACCORDANCE WITH SECTION 13 (K) HEREOF; AND 
11 


[e] (G) To exercise such [other] powers as may be necessary to carry into 
effect the powers and accomplish the purposes for which the Fund is 
established. 
SECTION [I31 16. Rule-Making Power. - The Board of Trustees is 
hereby authorized to make and change needful rules and regulations, which 
shall be published in accordance with law or at least once in a newspaper of 
general circulation in the Philippines, to provide for, but not limited to, the 
following matters: 
(a) The effective administration, custody, development, utilization and 
disposition of the Fund or parts thereof, including payment of amounts 
credited to members or to their beneficiaries or estates; 
[(b) Extension of Fund coverage to other working groups, and waiver or 
suspension of coverage or its enforcement for reasons herein stated;] 
[(c)] (B) Grounds for and effects or termination of membership other than by 
completion of term; 
[(d)] (C) Fund earnings and their distribution, investment and/or plowing 
back of the exclusive benefit of the members; 
[(e)] (D) Interim disbursements of accumulated values to members of 
ameliorative and similar purposes: 
(E) BENEFITS, CONTRIBUTIONS INCLUDING THEIR RATES, PREMIUM 
RATES, AND INTEREST RATES SUBJECT TO THE APPROVAL OF THE 
PRESIDENT OF THE PHILPPINES; 
(f) Housing and other loan assistance programs for members; 
(9) Adjudication and settlement of claims and disputes and the procedures 
for the same on any matter involving the interests of members in the Fund; 
(h) Optimize the effectiveness of the [initial coverage drive through phased 
implementation based on reasonable classifications of employer and/or 
employee groups] FUNDS COVERAGE; and 
(i) Other matters that, by express or implied provisions of this Act, shall 
require implementation by appropriate policies, rules and regulations. 
SECTION [I41 17. Powers and Dufies of Chief Executive Officer. - The 
Chief Executive Officer of the Fund shall execute and administer the policies and 
resolutions approved by the Board of Trustees, prepare its agenda and direct 
and supervise the operations and management of the Fund. [Subject to the 
approval of the Board, said officer shall appoint and assign the personnel of the 
12 


Fund, remove, suspend or otherwise discipline them for cause and prescribe 
their duties and qualifications.] THE CHIEF EXECUTIVE OFFICER, SUBJECT 
TO THE APPROVAL OF THE BOARD IN CASE OF APPROVAL OF 
MANAGERIAL POSITIONS AND ABOVE, AND THE CONFIRMATION OF THE 
BOARD IN BELOW THAT OF MANAGER LEVEL, SHALL APPOINT THE 
PERSONNEL OF THE FUND, REMOVE, SUSPEND OR OTHERWISE 
DISCIPLINE THEM FOR CAUSE, AND PRESCRIBE THEIR DUTIES AND 
QUALIFICATIONS, IN ACCORDANCE WITH EXISTING CIVIL SERVICE 
LAWS, RULES AND REGULATIONS, TO THE END THAT ONLY COMPETENT 
PERSONNEL MAY BE EMPLOYED. 
SECTION [I51 18. Money Investments. - All moneys of the Fund as are 
not needed to meet current administrative and operational requirements, shall be 
invested with due and prudent regard for its safety, growth and liquidity needs. 
SECTION [I61 19. [Tax and Guarantee Benefits.] €X€MPTION FROM 
T M ,  LEGAL PROCESS AND LEN -[Notwithstanding any provisions of existing 
law, decree, executive or administrative order, rule and regulation to the 
contrary, the Fund and all its assets, collections, receivables and increments as 
well as all distributions therefrom, whether of contributions, ratable income of the 
Fund, or dividends paid or received by the members thereof, or their 
heirslbeneficiaries. shall be exempt from the payment of any and all forms of 
taxes, assessments and other charges. All such provident payments shall not be 
liable to attachment, garnishment, levy or seizure by or under any legal or 
equitable process whatsoever, either before or after receipt by the persons 
entitled thereto, except to pay any debt of the covered member to the Fund. In 
addition, the Government of the Republic of the Philippines hereby guarantees 
the payment of employees’ and employers’ contributions and dividends to the 
members when they 
are due.] ALL 
LAWS TO 
THE 
CONTRARY 
NOTWITHSTANDING, THE FUND AND ALL ITS ASSETS AND PROPERTIES, 
ALL CONTRIBUTIONS COLLECTED AND ALL ACCRUALS THERETO AND 
INCOME OR INVESTMENT EARNINGS THEREFROM, AS WELL AS ALL 
SUPPLIES, EQUIPMENT, PAPERS OR DOCUMENTS SHALL BE EXEMPT 
FROM ANY TAX, ASSESSMENT, FEE, CHARGE, OR CUSTOMS OR IMPORT 
DUTY; AND ALL BENEFIT PAYMENTS MADE BY THE PAG-IBIG FUND 
SHALL LIKEWISE BE EXEMPT FROM ALL KINDS OF TAXES, FEES OR 
CHARGES, 
AND 
SHALL 
NOT 
BE 
LIABLE 
TO 
ATTACHMENTS, 
13 


GARNISHMENTS, LEVY OR SEIZURE BY OR UNDER ANY LEGAL OR 
EQUITABLE PROCESS WHATSOEVER, EITHER BEFORE OR AFTER 
RECEIPT BY THE PERSON OR PERSONS ENTITLED THERETO, EXCEPT 
TO PAY ANY DEBT OF THE MEMBER TO THE FUND. NO TAX MEASURE OF 
WHATEVER NATURE ENACTED SHALL APPLY TO THE FUND, UNLESS IT 
EXPRESSLY REVOKES THE DECLARED POLICY OF THE STATE IN 
SECTION 2 HEREOF GRANTING TAX EXEMPTION TO THE FUND. ANY TAX 
ASESSMENT AGAINST THE FUND SHALL BE NULL AND VOID. 
SECTION [17] 20. Administration Costs. - The Fund shall bear the costs 
of its administration and development, in such amounts andlor limits as the 
Board of Trustees may deem appropriate, but not exceeding two percent (2%) of 
the Net Fund Assets of the previous year, [Expenses for initial operation, 
however, may be provided for by the National Home Mortgage Finance 
Corporation, either as advances subject to reimbursement, with or without 
interest, or as subsidy For the development of housing finance.] excluding 
operating cost directly relating to the lending to the lending operations of the 
Fund. 
SECTION [I81 21. Audit. - The Chairman of the Commission on Audit 
shall act as the ex-officio auditor of the Fund and, accordingly, is empowered to 
appoint a representative and other subordinate personnel to perform and report 
on such audit duties, responsible to and removable only by the Commission on 
Audit Chairman, without prejudice, however, to the power of the Board of 
Trustees to contract for another mode of independent audit service, in addition to 
that provided by the Commission on Audit AS PROVIDED FOR UNDER PD 
NO. 1445. 
[SEC. 19. Existing ProvidenVHousing Plans. - An employer and/or 
employee group who, at the time this Decree becomes effective, have their own 
provident and/or employee-housing plans, may register with the Fund, for any of 
the following purposes: 
(a) For annual certification of waiver or suspension from coverage or 
participation in the Fund, which shall be granted on the basis of verification 
that the waiver or suspension does not contravene any effective collective 
bargaining agreement and that the features of the plan or plans are 
superior to the Fund or continue to be so; or 
14 


(b) For integration with the Fund, either fully or partially. 
The establishment of a separate provident and/or housing plan after the 
effectivity of this Decree shall not be a ground for waiver of coverage in the 
Fund; nor shall such coverage bar any employer andlor employee-group 
from establishing separate provident and/or housing plans. 
SEC. 20 Existing Coverage. - Membership under the Fund established 
under Presidential Decree No. 1530, together with amounts and benefits already 
accrued to the members, including employers' counterparts, as well as covering 
records and documents, shall be transferred, continued and/or integrated into 
the new Fund hereby established, subject henceforth to policies and rules 
adopted thereunder. 
SEC. 21. Substitute Retirement Plan. - A private employer shall have the 
option to treat the coverage by the Fund as a retirement plan for the employee 
concerned, within the purview of the Revised Labor Code of the Philippines, 
subject, however, to any existing collective bargaining on the matter.] 
SECTION 22. Remittance of Contributions. - (a) It shall be the duty of 
every employer, PRIVATE OR PUBLIC, to set aside and remit the contributions 
required under this Act [through the Social Security System and] IN 
ACCORDANCE WITH A MECHANISM AS determined by the Board of Trustees 
AND as may be approved by the President of the Philippines. 
[(b) Failure or refusal of the employer to pay or remit the contributions 
herein prescribed shall not prejudice the right of the covered employee to the 
benefits under this Act.] 
(8) Every employer required to set aside and remit such contributions as 
prescribed under this Act shall be liable for their payment, and non-payment 
shall further subject the employer to a penalty of three percent (3%) per month of 
the amounts payable from the date the contributions fall due until paid. 
(C) IT SHALL BE MANDATORY AND COMPULSORY FOR ALL 
GOVERNMENT 
INSTRUMENTALITIES, 
AGENCIES, 
INCLUDING 
GOVERNMENT-OWNED 
AND 
CONTROLLED 
CORPORATIONS, 
TO 
PROVIDE THE PAYMENT OF CONTRIBUTIONS IN THEIR ANNUAL 
APPROPRIATIONS. PENAL SANCTIONS SHALL BE IMPOSED UPON THESE 
EMPLOYERS WHO FAIL TO INCLUDE THE PAYMENT OF CONTRIBUTIONS 
ON 
TIME, 
OR 
DELAY 
THE 
REMITTANCE 
OF 
THE 
REQUIRED 
15 


CONTRIBUTIONS TO THE FUNDS. THE HEADS OF OFFICES AND 
AGENCIES SHALL BE ADMINISTRATIVELY LIABLE FOR NON-REMITTANCE 
OF THE REQUIRED CONTRIBUTIONS TO THE FUND. 
(D) FAILURE OR REFUSAL OF THE EMPLOYER TO PAY OR TO REMIT 
THE CONTRIBUTIONS HEREIN PRESCRIBED SHALL NOT PREJUDICE THE 
RIGHT OF THE COVERED EMPLOYEE TO THE BENEFITS UNDER THIS 
ACT. 
(E) THE CONTRIBUTIONS UNDER THIS ACT, IN CASES WHERE AN 
EMPLOYER REFUSES OR NEGLECTS TO PAY THE SAME, SHALL BE 
COLLECTED BY THE FUND IN THE SAME MANNER AS TAXES ARE MADE 
COLLECTIBLE UNDER THE NATIONAL INTERNAL REVENUE CODE, AS 
AMENDED. 
THE RIGHT TO INSTITUTE THE NECESSARY ACTION AGAINST THE 
EMPLOYER MAY BE COMMENCED WITHIN TWENTY (20) YEARS FROM 
THE TIME DELINQUENCY IS KNOWN OR THE ASSESSMENT IS MADE BY 
THE FUND, OR FROM THE TIME THE BENEFIT ACCRUES, AS THE CASE 
MAY BE. 
SECTION 23 EMPLOYMENT RECORDS AND REPORTS. - (A) EACH 
EMPLOYER SHALL IMMEDIATELY REPORT TO THE FUND THE NAMES, 
AGES, CIVIL STATUS, OCCUPATIONS, SALARIES, AND DEPENDENTS OF 
ITS COVERED EMPLOYEES. 
(B) EVERY EMPLOYER SHALL KEEP TRUE AND ACCURATE WORK 
RECORDS FOR SUCH PERIOD AND CONTAINING SUCH INFORMATION AS 
THE FUND MAY PRESCRIBE, IN ADDITION TO THE ANNUAL REGISTER OF 
NEW AND SEPARATED EMPLOYEES WHICH SHALL BE SECURED FROM 
THE FUND, WHEN THE EFFECTIVE DATE OF SEPARATION, THE NAMES 
OF THE PERSONS EMPLOYED OR SEPARATED FROM EMPLOYMENT AND 
SUCH OTHER DATA THAT THE FUND MAY REQUIRE AND SAID ANNUAL 
REGISTER SHALL BE SUBMITTED TO THE FUND IN THE MONTH OF 
JANUARY OF EACH YEAR, SUCH RECORD SHALL BE OPEN FOR 
INSPECTION BY THE FUND OR ITS AUTHORIZED REPRESENTATIVES 
QUARTERLY, OR AS OFTEN AS THE FUND MAY REQUIRE. 
SECTION [23] 24. Penal Provisions. - Refusal or failure without lawful 
cause or with fraudulent intent to comply with the provisions of this [Decree] 
ACT, as well as the implementing rules and regulations adopted by the Board of 
16 


Trustees, particularly with respect to registration of employees, collection and 
remittance of employee-savings as well as the employer counterparts, or the 
correct amount due, within the time set in the implementing rules and regulations 
or specific call or extension made by the Fund Management shall constitute an 
offense punishable by a fine of not less THAN, but not more than twice, the 
amount involved or imprisonment of not more than six (6) years, or both such 
fine and imprisonment, in the discretion of the Court, apart from the civil liabilities 
andlor obligations of the offender or delinquent. When the offender is a 
corporation, the penalty shall be imposed upon the members of the governing 
board and the President of General Manager, without prejudice to the 
prosecution of related offenses under the Revised Penal Code and other laws, 
revocation and denial of operating rights and privileges in the Philippines, and 
deportation when the offender is a foreigner. IN CASE OF GOVERNMENT 
INSTRUMENTALITIES, AGENCIES OR CORPORATIONS, THE TREASURER, 
FINANCE OFFICER, CASHIER, DISBURSING OFFICER, BUDGET OFFICER 
OR OTHER OFFICIAL OR EMPLOYEE WHO FAILS TO INCLUDE IN THE 
ANNUAL BUDGET THE AMOUNT CORRESPONDING TO THE EMPLOYERS 
CONTRIBUTIONS, OR WHO FAILS OR REFUSES OR DELAYS BY MORE 
THAN THIRTY (30) DAYS FROM THE TIME SUCH AMOUNT BECOMES DUE 
AND DEMANDABLE OR TO DEDUCT THE MONTHLY CONTRIBUTIONS OF 
THE EMPLOYEE SHALL, UPON CONVICTION BY FINAL JUDGMENT, 
SUFFER THE PENALTIES OF IMPRISONMENT OF NOT MORE THAN SIX (6) 
YEARS, AND A FINE OF NOT LESS THAN, BUT NOT MORE THAN TWICE 
THE AMOUNT INVOLVED. 
SECTION [24] 25. Visitorial and Enforcement Powers. - (a) The Fund or its 
duly authorized representatives [may, at any time,] IS EMPOWERED TO inspect 
the premises, books of accounts and records of any person or entity covered by 
this Act; require it to submit its reports regularly; and act on violations of any 
provisions of this Act. 
(b) Particular aspects of the Fund's administration may be subject to 
supervision, vitiation or verification by appropriate agencies of the government 
as may be designate and authorized by the President of the Philippines. 
SECTION 26. BORROWER'S NVSURANCE ACCOUNT. - (A) AS PART 
OF ITS INVESTMENT OPERATIONS, THE FUND MAY ACT AS INSURER OF 
ALL OR PART OF ITS INTEREST ON PROPERTIES MORTGAGED TO THE 
17 


FUND, OR LIVES OF BORROWERS WHOSE LOANS ARE FINANCED BY 
THE FUND. FOR THIS PURPOSE, THE FUND MAY ESTABLISH A SEPARATE 
ACCOUNT TO BE KNOWN AS THE "BORROWERS INSURANCE ACCOUNT." 
ALL AMOUNTS RECEIVED BY THE FUND IN CONNECTION WITH THE 
AFORESAID INSURANCE OPERATIONS SHALL BE PLACED IN THE 
BORROWERS' INSURANCE ACCOUNT. THE ASSETS AND LIABILITIES OF 
THE BORROWERS' INSURANCE ACCOUNT SHALL AT ALL TIMES BE 
CLEARLY IDENTIFIABLE AND DISTINGUISHABLE FROM THE ASSETS AND 
LIABILITIES IN ALL OTHER ACOUNTS OF THE FUND. NOTWITHSTANDING 
ANY PROVISION OF LAW TO THE CONTRARY, THE ASSETS HELD IN THE 
BORROWERS INSURANCE ACCOUNT SHALL NOT BE CHARGEABLE WITH 
THE LIABILITIES ARISING OUT OF ANY OTHER BUSINESS THE FUND MAY 
CONDUCT BUT SHALL BE HELD AND APPLIED EXCLUSIVELY FOR THE 
BENEFIT OF THE OWNERS OR BENEFICIARIES OF THE INSURANCE 
CONTRACTS ISSUED BY THE FUND UNDER THIS PARAGRAPH. 
(B) THE FUND MAY INSURE ANY OF ITS INTEREST OR PART 
THEREOF WITH ANY 
PRIVATE COMPANY OR 
REINSURER. THE 
INSURANCE COMMISSION OR ITS AUTHORIZED REPRESENTATIVES 
SHALL MAKE AN EXAMINATION INTO THE FINANCIAL CONDITION AND 
METHODS OF TRANSACTING BUSINESS OF THE FUND AT LEAST ONCE 
IN TWO (2) YEARS, BUT SUCH EXAMINATION SHALL BE LIMITED TO THE 
INSURANCE OPERATION OF THE FUND AS AUTHORIZED UNDER THIS 
PARAGRAPH AND SHALL NOT EMBRACE THE OTHER OPERATIONS OF 
THE FUND; AND THE REPORT OF SAID EXAMINATION SHALL BE 
SUBMITTED TO THE COMMISSION AND A COPY THEREOF SHALL BE 
FURNISHED THE OFFICE OF THE PRESIDENT OF THE PHILIPPINES 
WITHIN A REASONABLE TIME AFTER THE CLOSE OF THE EXAMINATION: 
PROVIDED, THAT FOR EACH EXAMINATION, THE FUND SHALL PAY TO 
THE INSURANCE COMMISSION AN AMOUNT EQUAL TO THE ACTUAL 
EXPENSES OF THE INSURANCE COMMISSION IN THE CONDUCT OF THE 
EXAMINATION: PROVIDED, FURTHER, THAT THE GENERAL LAW ON 
INSURANCE AND THE RULES AND REGULATIONS PROMULGATED 
THEREUNDER SHALL HAVE SUPPLETORY APPLICATION INSOFAR AS IT 
IS NOT IN CONFLICT WITH THIS ACT AND ITS RULES AND REGULATIONS. 
SECTION 27. IMPLEMENTING RULES AND REGULATIONS. - THE 
IMPLEMENTING RULES AND REGULATIONS TO EFFECTIVELY CARRY 
18 


OUT THE PROVISIONS OF THIS ACT SHALL BE ADOPTED BY AND 
PROMULGATED BY THE BOARD OF TRUSTEES OF THE PAG-IBIG FUND 
NOT LATER THAN NINETY (90) DAYS AFTER THE APPROVAL OF THIS ACT 
WHICH SHALL BE PUBLISHED IN AT LEAST TWO (2) NATIONAL 
NEWSPAPERS OF GENERAL C I RCU LATlO N . 
SECTION 28. SEfARABlLlTY CLAUSE. - IF ANY PART, SECTION, OR 
PROVISION 
OF 
THIS 
ACT 
SHALL 
BE 
HELD 
INVALID 
OR 
UNCONSTITUTIONAL, 
THE 
OTHER 
PROVISIONS 
SHALL 
NOT 
BE 
AFFECTEDTHEREBY. 
SECTION [25] 29. Repealing Clause. - Any provisions of law, decree, 
executive order, rules or regulations as are in conflict or inconsistent with the 
provisions andlor purposes of this [decree] ACT are [accordingly] HEREBY 
repealed, amended or modified ACCORDINGLY. 
SECTION [26] 30. €ffecfivify. - [This Decree shall take effect immediately.] 
THIS ACT SHALL TAKE EFFECT FIFTEEN (15) DAYS AFTER ITS 
PUBLICATION IN AT LEAST TWO (2) NATIONAL NEWSPAPERS OF 
GENERAL CIRCULATION. 
Approved, 
19