August 11, 1950
House Bill No. 1323, also known as the "Home Financing Act", was filed by then Representative Floro Crisologo.
September 15, 1950
The precursor of the HGC Charter, Republic Act (R.A.) 580, establishing the Home Financing Commission with an initial budget of P5 Million, was signed into law by then President Elpidio Quirino.
November 17, 1955
The first HFC Board of Directors convened at the Banker's Committee Room, Phil-Bank of Commerce Building , Plaza Sta. Cruz, Manila . The first Board Resolution was passed approving the organizational and functional charts of the Commission .
December 1955 Chairman Jose V. Andrada of the Home Financing Commission (HFC) opposed Proposal No. 70 of the Government Survey and Reorganization Commission (GSRC) to abolish the HFC.
The GSRC proposed to integrate the functions of HFC with those of the People's Homesite and Housing Corporation (PHHC) and create a new housing authority.
Chairman Andrada said the proposal did not consider the conflicting functions of the two entities. The PHHC is mandated to aid in slum clearance and promote low-cost housing and rental programs. HFC, on the other hand, is mandated to encourage private investors into housing development. According to him, the proposal would prejudice the home development program of Government.
February 21, 1956
The HFC approved the Rules and Regulations on Mutual Mortgage Insurance.
June 16, 1956
Republic Act 1557 was approved, amending the HFC Charter R.A. 580. The aided self-help approach in housing provision was introduced.
Sometime in 1956 HFC pioneered an Aided Self-Help Housing Development Project in Pangasinan and provided technical guidance to enable families to build their own houses with their own labor and rented simple construction equipment/tools.
December 18, 1956
HFC Board Resolution No. 73.1956 was passed approving the first application for mortgage insurance of spouses Serafin Evangelista and Rinia C. Vita (Mortgagors) and China Banking Corporation (Mortgagee) in the amount of P7,500 for a term of 15 years.
September 24, 1963
The Commission approved the Rules and Regulations on Building and Loan Associations (BLA's).
June 21, 1969 R.A. 5488, which introduced further amendments to the HFC Charter was approved by then President Ferdinand Marcos. The ceiling on interest rate on bonds, debentures, securities and other obligations was increased from 4% to 7%.
June 1978
Presidential Decree No. 1396 was enacted by then President Marcos by virtue of his Martial Law powers, establishing the Ministry of Human Settlements (MHS). HFC was placed under MHS supervision.
May 3, 1979
Executive Order No. 535 was issued by President Marcos, reorganizing the Commission into a Corporation and renamed as the Home Financing Corporation.
Capitalization was increased to P 1 Billion.
HFC was given the exclusive jurisdiction over the regulation and supervision of operations of homeowners associations.
June 1981 HFC implemented the Land Investment Trust Program (LIT) to generate funds through issuance of investment instruments for the acquisition of urban land. The LIT Program was eventually phased out in 1987.
1983
In spite of the financial/economic instability and the hesitancy of investors to invest in the country, guarantee coverage rose by 66% from P3.019 Billion in 1982 to P5.016 Billion in 1983. In an unprecedented display of confidence in the government's housing program, some 700 top banking and financial executives formally turned-over to the HFC their commitments amounting to P7.7 Billion.
December 1986
President Corazon Aquino with her powers during the post-EDSA-I revolutionary government, issued E.O. 90 renaming HFC as the Home Insurance and Guaranty Corporation (HIGC). The Executive Order, which has the force of law, placed the HIGC and all the other housing agencies under the supervision of the Housing and Urban Development Coordinating Council (HUDCC).
1985-1987
The Corporation (HFC - HGC) experienced the biggest volume of guaranty calls. By the end of 1987, accounts settled amounted to P666 Million.
However, during the first year of President Aquino's administration, the volume of new guarantees drastically increased by 213%, from P203.60 Million in 1986 to P636.74 Million in 1987.
Values generated from the disposition of acquired assets grew by 408%, from P25.0 Million to P127.0 Million in 1987.
1988
President Corazon C. Aquino issued a Memorandum Order designating HIGC as liquidator/controller of Bliss Development Corporation (BDC).
1989
An interim funding facility for HIGC - originated projects under the Community Mortgage Program (CMP) was introduced.
1990 The Cooperative Housing Program was launched. The program aims to encourage a non-traditional scheme for the production of houses by the homeseekers themselves through a cooperative housing association organized for the purpose with technical assistance from HIGC.
HIGC was appointed trustee of the National Government Center for Housing Program.
R.A. 6846, otherwise known as the "Abot-Kaya Pabahay Fund" was passed, and mandated HIGC to administer and control the cash flow guarantee system of the fund with a yearly appropriation of P200 Million for a period of five (5) years.
1993
HIGC Launched the Guaranty Facility for Asset/Mortgage-backed Securitization.
The Municipal Financing Scheme was institutionalized, in accordance with Local Government Code of 1991 which provides that local government units (LGUs) are authorized to issue bonds, debentures, securities, collaterals, notes and other obligations to finance self-liquidating, income-producing development or livelihood projects pursuant to the priorities established in the approved local development plan or the public investment program.
HIGC launched the Urban Renewal Program through Project Securitization. Trust certificates are issued to generate funds for mass housing, urban renewal projects of the national government.
December 1994 R.A. 7835 or the Comprehensive and Integrated Shelter Financing Act was passed. HIGC's capitalization was increased from P1.0 Billion to P2.5 Billion and guaranty capacity was increased from 15x to 30x the net worth of the Corporation.
March 7, 2000
President Joseph Estrada signed R.A. 8763 or the Home Guaranty Act of 2000 amending the HIGC charter and renaming the Corporation as the Home Guaranty Corporation. Capitalization was increased to P50.0 Billion.
The Implementing Rules and Regulations R.A. 8763 also took effect.
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