Section 5January 24, 1990, Sec./Art. 5

Powers and Duties. – The management of the NHMFC and the HIGC shall have the following powers and duties relative to the Fund:

(a) To formulate policies, rules and regulations to carry out effectively the purpose of the Fund under this Act and to publish such policies, rules and regulations in Filipino and English at least once in a newspaper of general circulation.

(b) To direct the operations and administration of the Fund;

(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

(e) To exercise such other duties as may be necessary to carry out the corporate powers under Section 4 hereof and accomplish the purposes for which the Fund is established.