Presidential Decrees1 min read
Section 11December 14, 1980, Sec./Art. 11
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Board of Trustees. The power and functions of the Fund shall be 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 each 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 representative of the government employees shall be appointed by the President of the Philippines for a term of two years.
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.
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