FOURTEENTH CONGRESS OF TBE 
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First Regular Session 
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REPUBLIC OF THE PHILIPPINES ) 
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S. No 
Introduced by Senator Antonio “SOMY” F. Trillanes IV 
EXPLANATORY NOTE 
The Home Development Mutual Fund (HDMF), created pursuant to Presidential Decree 
No. 1752, is mandated to generate savings through membership in an integrated 
nationwide savings system, and to mobilize the provident funds for housing purposes. As 
of December 31,2004, HDMF has generated a total asset of about P163.60 Billion, and a 
total nationwide membership of over 5.7 million. With this unprecedented growth, there 
is a need therefore to further strengthen the HDMF to better serve the needs of its 
members. 
This bill aims to rename the HDMF into the Pag-BIG Fund, which shall be the 
government financial institution primarily involved in mobilizing provident funds for 
shelter finance. It also seeks to declare a universal coverage by mandatory membership 
upon: (a) all employees covered by the SSS and GSIS, and their respective employers, 
including members of the Armed Forces of the Philippines and the Philippine National 
Police; and (b) Filipinos recruited by foreign-based employers for employment abroad. 
Coverage may be extended to other working groups, with or without employer 
contribution. 
Furthermore, the bill proposes to exempt the Pag-IBIG Fund from the payment of 
corporate income tax to ensure that there are more funds to pay for the members’ 
benefits. The monthly compensation base to be used in computing for the employee and 
employer contributions shall be initially set at Five thousand pesos (PS,OOO.OO), but 
mayhe adjusted from time to time by the Board of Trustees, taking into consideration 
actuarial calculations and rates of benefits, subject to approval by the President of the 
Philippines. 
In view of the foregoing, immediate approval of this bill is hereby requested. 
A 
Senator 
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FOURTEENTH CONGRESS OF THE 
1 
First Regular Session 
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k.Afiy 15 
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REPUBLIC OF THE PHILIPPINES ) 
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Introduced by Senator Antonio “Sonny” F. Trillanes N 
AN ACT 
FURTHER STRENGTHENING TEE PAGIBIG FUND AND FOR OTHER PURPOSES 
Be it enactGd by the Senate and House of Representatives of the Philippines in Congress 
assembled 
SECTION 1. Ti&. - This Act shall be known as the “Pag-IBIG Fund Law of 2008.” 
SEC. 2. Declaration of Policy. - It is the policy of the State to establish, develop, 
promote and integrate a nationwide sound and viable 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. 
SEC. 3. Statement of Objectives. - Towards ths end, the State shall integrate all laws 
relating to the Pag-BIG Fund to effectively achieve the following objectives: 
(a) 
To improve the quality of life of its citizens by providing them with sufficient 
shelter; 
@) To provide for an integrated nationwide provident savings system; and 
(c) To provide housing through mobilization of funds for shelter finance. 
SEC. 4. Definition of Terms. - The following term shall mean: 
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(a) 
“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 his 
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; 
(b) 
“Employee” - any person in the service of an employer who receives 
compensation of such services; 
(c) 
amended; 
“SSS” - the Social Security System created under Republic Act No. 1161, as 
(d) 
“GSIS” - the Government Service Insurance System created under 
Commonwealth Act No. 186, as amended; 
(e) 
“Fund” - the Pag-IBIG Fund created under this Act which is a government 
financial institution involved in mobilizing provident funds primarily for shelter finance; 
(0 
(g) 
“Board” - the duly constituted Board of Trustees of the Pag-IBIG Fund; 
“Membership Tern’’ - a period of twenty (20) years commencing from the first 
day of the month to which the member’s 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; 
(h) 
“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; 
(i) 
(i) 
“Net Fund Asset” - the total assets of the Fund less current liabilities; 
“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 member’s equity upon maturity, and reserve for loan repayments. 
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(k) 
“Employment” - any service performed by an employee for hisher 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, shall enter into an agreement with the Fund for 
the inclusion of their employees as members of the Fund: Provided, further, That the term of 
such agreement conform with the provisions of this Act; 
(1) 
“Member” - an employee coverable under this Act and pays the mandated 
contributions; 
(m) 
“Contributions” - the amount payable to the Fund by the members and their 
employers, in accordance with this Act; 
(n) 
(0) 
the Family Code; 
“Compensation” -basic monthly salary plus mandated cost of living allowance; 
“Dependents” - refer to legal dependents of a deceased member, as defined under 
SEC. 5. Fund System - To carry out the purposes of this Act, 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. 
The Fund shall be a body corporate, with principal office in Metro Manila, and shall 
replace the Home Development Mutual Fund established under Presidential Decree No. 1752, as 
amended. 
SEC. 6. Fund Coverage. - 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 
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Penology, and the Philippine National Police; and (b) Filipinos employed by foreign-based 
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employers. 
Coverage may also be extended to other working groups, with or without employer 
contributions, as may be determined by the Board of Trustees. 
SEC. 7. Fund Generation and Contributions. - The funds of the Fund shall be 
generated by the provident savings that the covered employees shall contribute for the 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 (Pl,500.00) per 
month - one percent (1%). 
“Employees earning more than one thousand five hundred pesos (P1,500.00) per month - 
two percent (2%). 
“All employers - two percent (2%) of the monthly compensation of all 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 the 
maximum monthly compensation may be adjusted 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 employer’s contribution with respect to such employees. 
SEC. 8. Membership Term. - Membership in the Fund shall be for a period of twenty 
(20) years: Provided, That the member shall have contributed a total of two hundred forty (240) 
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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, separation or suspension from employment may not necessarily constitute a 
ground for membership termination, except for suspension of contributions. 
SEC. 9. Provident Character. - The Fund shall be private in character, owned wholly by 
the members, administered in trust and applied exclusively for their benefits. All the personal 
and employer contributions shall be fully credited to each member, accounted for individuality 
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. 
SEC. 10. Housing Features. - A member of good standing shall be eligible to apply for 
a housing loan, with such terms 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 debtor’s properties, and in the 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. 
SEC. 11. Zmplementing Body. - The Pag-BIG Fund created under this Act, shall 
implement the provisions hereof. 
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SEC. 12. 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 formulate, adopt, amend and or rescind such rules and regulations as may be 
necessary to carry out the provisions and purposes of this Act, as well as the effective exercise of 
the powers and functions, and the discharge of duties and responsibilities of the Fund, its officers 
and employees; 
(b) 
To adopt or approve the annual and supplemental budget of receipts and 
expenditures including salaries ad allowances of the Fund personnel; and 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; 
(c) 
To submit annually, not later than March 15, a report to the President of the 
Philippines and to the Congress of the Philippines of its activities and the state of the Fund 
during the preceding year, including information and recommendations for the development and 
improvement thereot 
(d) 
(e) 
To invest its funds in accordance with this Act; 
To acquire, utilize, or dispose of, in any manner recognized by law, real or 
personal properties in the Philippines or elsewhere, necessary to cany out the purposes of this 
Act; 
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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 projects; to require reports, compilations and analysis of statistical and economic data, as well 
as make such other studies and surveys as may be needed for the proper administration and 
development of the Fund; 
(g) 
To have the power of succession; to sue and be sued; and to adopt and use a 
corporate seal; 
(h) 
To enter into and carry out contracts of every kind and description with any 
person, firm or association or corporation, domestic or foreign; 
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(i) 
(i) 
To borrow funds from any source, private or government, foreign or domestic; 
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; and to fix the compensation of the employees as may be deemed 
necessary upon the recommendation of the President and Chief Executive Officer of the Fund, 
subject to review and approval by the President of the Philippines; 
(1) 
To maintain a provident fund, which consists of contributions made by both the 
Fund and its officials 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 mayprescribe; 
(m) 
To design and adopt an Employees’ Retirement Plan (ERP) for its own personnel, 
subject to review and approval by the President of the Philippines; 
(n) 
To establish field offices and to conduct its business and exercise its powers in 
these places; 
(0) To approve restructuring proposal for the payment of due but unremitted 
contributions and unpaid loan amortizations under such terms and conditions as the Trustees may 
prescribe; 
(p) 
To determine, fix and impose interest and penalties upon unpaid contributions due 
from employers and employees; 
(9) 
To ensure the collection and recovery of all indebtedness, liabilities andlor 
accountabilities, including unpaid contributions in favor of the Fund arising from any cause or 
source or whatsoever, 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 or institute the necessary or proper actions or suits, criminal, 
civil, administrative, or otherwise, before the courts, tribunals, commissions, boards, or bodies of 
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proper jurisdiction: Provided, however, That the Fund may compromise or release, in whole or in 
part, any interest, penalty or any civil liability to the Fund in connection with the collection of 
contributions and the lending operations of the Fund, under such terms and conditions as 
prescribed by the Board of Trustees; 
(r) 
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 savingshvestments. The program shall be so designed as to spur socio-economic 
take-off and maintain continued growth; 
(s) 
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 or the allocation 
or reallocation of the funds to the contingencies covered; and 
(t) 
To exercise such powers and perform such acts as may be necessary, useful or 
incidental to carry out the provisions of theis Act. 
SEC. 13. Bond of Trustees. - The corporate powers and functions of the Fund shall be 
vested in and exercised by a Board of Trustees 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-oficio Chairman; 
(b) 
(c) 
The Secretary of the Department of Finance, as the ex-oficio Vice Chairman; 
The Secretary of the Department of Labor and Employment or hidher duly 
designated undersecretary, as ex-officio member; 
(d) 
The Secretary of Budget and Management or hisher duly designated 
undersecretary, as ex-officio member; 
(e) 
The President and Chief Executive Officer of the Fund, as Member; 
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Six (6) appointive members, two (2) of whom shall represent the workers’ group; 
one (1) from the government sector; two (2) from the employers’ group; and one (1) who has 
adequate knowledge and experience regarding mutual provident funds: Provided, That the six (6) 
appointive members are also members of the Fund at the time of their appointment; Provided, 
further, That they shall be chosen from among the nominees of workers’, employers’, and 
afiliated organizations; and Provided, finally, That they shall seat at the pleasure of the President 
of the Philippines. 
The Chairman, vice chairman, and members of the Board shall be entitled to per diem for 
each meeting actually attended at such amount as may be fixed by the Board in accordance with 
existing laws, rules and regulations. 
SEC. 14. Powers ofthe 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; 
(b) 
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 the Fund’s organization and administrative structures and staffing 
pattern, and to establish, fix, review, revise and adjust the compensation of the employees of the 
Fund as may be deemed necessary upon the recommendation of the President and Chief 
Executive Officer of the Fund, subject to review and approval by the President of the 
Philippines; 
(e) 
To condone, in whole or in part, unpaid interest and penalties imposed on loans of 
membersiborrowers 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 
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apply to peiialties imposed on employers, who justifiably fail to remit when due, the required 
contributions of and for their employees; and 
(f) 
To exercise such other powers as may be necessav to carry into effect the powers 
and accomplish the purposes for which the Fund is established. 
SEC. 15. Rule-Making Power. - The Board of Trustees is hereby authorized to make 
and change needhl rules &d 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) 
Grounds for and effects of termination of membership other than by completion 
of term; 
(c) 
Fund earnings and their distribution, investment andor plowing back for the 
exclusive benefit of the members; 
(d) 
similar purposes; 
(e) 
(fJ 
Interim disbursements of accumulated values to members of ameliorate and 
Housing and other loan assistance programs to members; 
Adjudication and settlement of claims and disputes and the procedures for the 
same on any matters involving the interests of members in the Fund; 
(g) 
Optimize the effectiveness of the initial coverage drive through phased 
implementation based on reasonable classification of employers andor employee groups; and 
(h) 
Other matters that, by express or implied provisions of this Act, shall require 
implementation by appropriate policies, rules and regulations. 
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SEC. 16. Powers and Duties of the President and Chief Executive Officer. - The 
President and Chief Executive Officer of the Fund shall, among others, 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. The President and Chief Executive 
Officer, subject to the approval of the Board in case of managerial positions and above, and the 
confirmation of the Board in case of positions 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, and in accordance with existing civil service laws, rules and 
regulations, to the end that only competent persons may be employed. 
SEC. 17. Money Znvestments. - 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. 
SEC. 18. Exemption from Tax, LegaI Process and Lien. - Notwithstanding any 
provisions of existing law, decree, executive or administrative order, rules or regulations to the 
contrary, the Fund and all distributions therefrom, whether of contributions, ratable income of 
the Fund, or benefits paid to or received by the members thereof, or their heirsibeneficiaries, 
shall be exempt from the payment of corporate income tax [and capital gains tax; Provided, That 
the Fund shall be subject to the final tax on interest income as provided under the pertinent 
provisions of the National Internal Revenue Code, as amended. 
Likewise, all of the foregoing shall not be subject to attachment, garnishment, execution, 
levy or other processes issued by the Courts, quasi-judicial agencies or administrative bodies. 
SEC. 19. Government Guarantee. - The benefits prescribed in this Act shall not be 
diminished and the Government of the Republic of the Philippines hereby guarantees the 
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payment of employees' and employers' contributions and dividends to the members when they 
are due. 
SEC. 20. Administration Costs. - The Fund shall bear the costs of its administration and 
development, in such amounts and/or limits as the Board of Trustees may deem appropriate, but 
not exceeding two percent (2%) of the Net Funds Assets of the previous year, excluding 
operating cost directly relating to the lending operations of the Fund. 
SEC. 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, subject to the 
concurrence by the Commission on Audit as provided for under Presidential Decree No. 1445. 
SEC. 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 in accordance, 
with a mechanism determined by the Board of Trustees. 
@) 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 in their annual appropriations or 
otherwise fail to remit the accurate/exact amount of contributions on time, or delay the 
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remittance of the required contributions to the Fund. 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 collect, pay, or to remit the contributions herein 
prescribed shall not prejudice the right of the covered employee to the full housing and provident 
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. 
SEC. 23. Employment Records and Reports. - (a) Each employer shall immediately 
report to the Fund the names, ages, civil status, occupations, salaries and dependents of and 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, wherein the employer shall enter 
on the first day of employment or on the effective date of separation, the names of the persons 
employed or separated from employment, and such other date 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. 
I 
SEC. 24. Penal Provisions. - Refusal or failure without lawful cause or with fraudulent 
intent to comply with the provisions of this Act, as well as the implementing rules and 
regulations adopted by the Board of Trustees, particularly with respect to registration of 
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employees, collection and remittance of employee savings as well as 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 andor obligations of the offender or delinquent. When the offender is a 
corporation, the penalty shall imposed upon the members of the governing board and the 
President or 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, prohibition to participate in any bidding and contracts with the Fund, 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 employees 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 from six 
(6) years, and a fine of not less than, but not more than, twice the amount involved. 
SEC. 25. Visitorial and Enforcement Powers. - The Fund or its duly authorized 
representative is empowered to inspect the premises, books of accounts and records of any 
person or entity covered by this Act, require the regular submission of reports, and act on 
violations of any provision of this Act. 
SEC. 26. Borrowers’ Insurance Account. - (a) As part of its investment operations, the 
Fund shall act as insurer of all or part of its interest on properties mortgaged to the Fund, or lives 
of borrowers whose loans are financed by the Fund. For this purpose, the Fund shall establish a 
separate account to be known as the “Borrowers’ Insurance Account”. All amounts received by 
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the Fund in connection with the aforesaid insurance operations shall be placed in the Borrowers’ 
Insurance Account. 
(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 on 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. 
SEC. 27. Implementing Rules and Regulation. - The implementing rules and 
regulat6ions to effectively carry out the provisions of this Act shall be adopted by and 
promulgated by the Board of Trustees of the Home Development Mutual 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 circulation. 
SEC. 28. Sunset Provisions. - Every three (3) years after the effectivity of this Act, the 
Congress shall conduct a “sunset review” of the Fund which shall entail systemic evaluation of 
the Fund to determine whether or not the Fund‘s performance, impact or accomplishments with 
respect to its objectives or goals, the Fund merits continued existence. Such review shall be 
undertaken by the Committee on Government Corporations and Public Enterprise of the Senate 


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and the Committee on Government Enterprises and Privatization of the House of Representatives 
which have legislative jurisdiction over the Fund. 
SEC. 29. Separability Clause. - If for any reason, any provision of this Act, or the 
application thereof to any person or circumstances, is held invalid or unconstitutional, the 
remaining provisions not affected thereby shall continue to be in full force and effect. 
SEC. 30. Repealing Clause. - Presidential Decree No. 1752, as amended by Executive 
Order Nos. 35 and 90 and Republic Act No. 7742 are hereby repealed. All other laws, decrees, 
executive orders, or rules and regulations, or parts thereo€, inconsistent with or contrary to the 
provisions of this Act or its purposes are hereby amended or modified accordingly. 
SEC. 31. Effectiv?y. - This Act shall take effect fifteen (15) days after the completion of 
its publication in the Official Gazette or in at least two (2) national newspapers of general 
circulation. 
Approved, 
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