The Housing and Urban Coordinating Council, the Philippine government body that oversees the country's two state housing agencies, has announced plans to improve the agencies' performance, in a move which could have the side-effect of allowing a resumption of the country's nascent mortgage-backed securities market.

The government body is encouraging the two agencies - the National Home Mortgage Finance Corp. and the Home Development Mutual Fund (known as Pag-Ibig) - to outsource their collections and accounting operations to the private sector.

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