Section 4January 24, 1990, Sec./Art. 4

Corporate Powers. – (a) National Home Mortgage and Finance Corporation (NHMFC).n addition to its powers and functions vested under Presidential Decree No. 1267, the National Home Mortgage and Finance Corporation, hereinafter referred to as the NHMFC, shall establish the amortization support and developmental financing systems in accordance with subsections (a) and (b) of Section 3 hereof, exercise administration and control over the fund allotted for amortization support and developmental financing, and act as trustee thereof.

(b) Home Insurance and Guaranty Corporation (HIGC). – In addition to its powers and duties vested under Executive Order No. 535, as amended, the Home Insurance and Guaranty Corporation, hereinafter referred to as the HIGC, shall establish the cash flow guarantee system in accordance with subsection (c) of Section 3 hereof, exercise administration and control over the fund allotted for cash flow guarantee, and act as trustee thereof.

(c) Powers and functions of administering agencies. – The NHMFC and the HIGC as administering agencies and trustees of the Fund shall exercise the following powers and functions:

(1) 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;

(2) To submit annually to the President of the Philippines and to the Congress of the Philippines, not later than March 15, and make available to the general public a detailed report covering its investments, operations and other activities in the implementation of this Act, including information and recommendation for the development and improvement of the Fund.

(3) To submit annually to Congress for approval through the Department of Budget and Management its budget of expenditures to carry out of the purposes of this Act;

(4) To acquire, utilize or dispose of, in any manner recognized by law, real or personal properties to carry out the purpose of this Act.

(5) To set up its own accounting and computer system; to conduct continuing actuarial and statistical studies and valuations to determine the financial viability of the Fund and its projects; to acquire reports, compilation 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 this Fund.

(6) To have the power of succession; to sue and be sued; to adopt and use a corporate seal;

(7) To enter into and carry out contracts of every kind and description with any person, firm, association or corporation, domestic or foreign, to carry out the purpose of this Act;

(8) To invest, own or otherwise participate in or establish and maintain a subsidiary or subsidiaries in relation to the purpose of the Fund under this Act; and

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