Section 35Sec./Art. 35

Powers and Functions of the System. The System shall have the following powers and functions specified in this Act and the usual general corporate powers:

(a) To 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 from time to time a budget for the administration and operation of the System;

(c) To invest its funds, directly or indirectly, in accordance with this Act;

(d) To acquire, utilize or dispose of, in any manner recognized by law, real or personal properties in the Philippines or elsewhere necessary to carry out the purposes of this Act;

(e) To conduct continuing actuarial and statistical studies and valuations to determine the financial condition of the System and taking into consideration such studies and valuations and the limitations herein provided, re-adjust the benefits, contributions, premium rates, interest rates or the allocation or the re-allocation of the funds to the contingencies covered;

(f) To have the power of succession;

(g) To sue and be sued;

(h) To enter into, make, perform and carry out contracts of every kind and description with any person, firm or association or corporation, domestic or foreign;

(i) To carry on any other lawful business whatsoever in pursuance of, or in connection with the provisions of this Act;

(j) To have one or more offices in and outside of the Philippines, and to conduct its business and exercise its powers throughout and in any part of the Republic of the Philippines and/or in any or all foreign countries, states and territories;

(k) To borrow funds from any source, private or government, foreign or domestic;

(l) To invest, own or otherwise participate in equity in any establishment, firm or entity; to form, organize invest in, establish and maintain subsidiary or subsidiaries;

(m) To exercise such powers and perform such acts as may be necessary, useful, incidental or auxiliary to carry out the provisions of this Act.