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ADMINISTRATIVE ORDERS
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ADMINISTRATIVE ORDER NO. 45 -
AMENDING ADMINISTRATIVE ORDER NO. 75 BY ABOLISHING THE EXECUTIVE
COMMITTEE OF THE BAGONG KILUSANG KABUHAYAN SA KAUNLARAN/ NATIONAL
LIVELIHOOD SUPPORT FUND AND DIRECTING THE LAND BANK OF THE PHILIPPINES
TO TRANSFER THE MANAGEMENT OF ALL ITS APPLICABLE AND EXISTING FUNDS,
PROPERTIES, EQUIPMENT AND RECORDS AS A TRUST FUND TO THE PEOPLE'S
CREDIT AND FINANCE CORPORATION
WHEREAS, pursuant to Sec. 37 of Republic
Act No. 6657 (1988), the Bagong Kilusang Kabuhayan sa Kaunlaran (BKKK)
Secretariat was transferred and attached to the Land Bank of the
Philippines (LBP) for its supervision including all its applicable and
existing funds, personnel, properties, equipment and records;
WHEREAS, Administrative Order No. 75 dated August 6, 1993, as amended,
implementing Sec. 37 of Republic Act No. 6657, created an Executive
Committee through which LBP exercised its supervision over BKKK
Secretariat and BKKK Capital Fund/National Livelihood Support Fund;
WHEREAS, the People's Credit and Finance Corporation (PCFC) was created
by virtue of Administrative Order No. 148 dated 8 September 1994 and
Memorandum Order No. 261 dated 9 February 1995 to provide affordable
credit to the marginalized sectors of the population, with an initial
capitalization of P100 million coming from NLSF;
WHEREAS, Republic Act No. 8425 (Social Reform and Poverty Alleviation
Act) designated PCFC as the vehicle for the delivery of microfinance
services for the exclusive use of the poor, and as a government-owned
and controlled corporation, the lead entity specifically tasked to
mobilize financial resources from both local and international funding
sources for microfinance services for the exclusive use of the poor;
WHEREAS, Memorandum Order No. 11 dated August 13, 1998, directed the
LBP to invest additional P900 million from the capital funds of NLSF to
PCFC to provide additional capital for its expanded mandate, and in
compliance with government's commitment to Asian Development Bank and
International Fund for Agricultural Development to provide additional
counterpart funding to PCFC;
WHEREAS, despite the infusion of the above funds to PCFC, there is
still a great need for additional funds for poverty alleviation, to
enable the government to help at least 2 million assetless poor by year
2004 through the provision of microfinance services;
WHEREAS, the Office of the President was authorized under Executive
Order No. 238 dated July 22, 1987 to establish new fund delivery system
in addition to or in lieu of the existing ones, exclusively for the
promotion and development of livelihood opportunities, and the BKKK
Capital Fund/NLSF has available funds that could be used for the
provision of microfinance services for the poor;
WHEREAS, the objectives and programs of BKKK/NLSF and PCFC are similar
and there is a need to attain efficiency in the delivery of
microfinance services by rationalizing and consolidating them in
one entity.
NOW, THEREFORE, I, JOSEPH EJERCITO ESTRADA, President of the Republic
of the Philippines, by virtue of the powers vested in me by law, do
hereby order:
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Done at Malacañang, Manila, this 22nd day of December in the Year of the Lord, Nineteen Hundred and Ninety-eight.
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Since 19.07.98.