Memorandum Circular No. 160

SECTION 1. A Housing Fair shall be conducted every year during the month of October in celebration of the National Shelter Month.

SECTION 2. The disposition of eligible acquired properties of the key shelter agencies and government financial institutions, including those that have not been auctioned off, shall be opened to all government employees, private sector employees and Overseas Filipino Workers (OFWs). For this purpose, the requirement for government agencies to publish their acquired properties, prior to disposition, shall be temporarily lifted during the duration of the Housing Fair.

SECTION 3. Payments for housing units that will be sold during the Housing Fair shall be subject to salary deduction; provided that the authorized deductions shall not reduce the monthly net take-home pay of any employee to an amount lower than Three Thousand Pesos (P3,000.00) pursuant to Section 41 of Republic Act No. 9336.

SECTION 4. An Inter-agency Committee is hereby created to draw up the guidelines and set forth the terms and conditions for the sale of eligible acquired properties under the program. The Inter-agency Committee shall be composed of the following; Chairman - Housing and Urban Development Coordinating Council Members - Home Development Mutual Fund   National Home Mortgage Finance Corporation   Home Guaranty Corporation   National Housing Authority   Bangko Sentral ng Pilipinas   Social Security System   Government Service Insurance System

This Memorandum Circular shall take effect immediately

SECTION 5. This Memorandum Circular shall take effect immediately. Done in the City of Manila, this 4th day of AUGUST, in the year of Our Lord Two Thousand and Eight. (Sgd.) GLORIA M. ARROYO By the President: (Sgd.) EDUARDO R. ERMITA Executive Secretary