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ADMINISTRATIVE ORDERS
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ADMINISTRATIVE ORDER NO. 99 -
CLARIFYING PROCEDURES ON FOREIGN CREDIT OPERATIONS OF THE PUBLIC SECTOR
WHEREAS, in order to effect a rational and
well-coordinated government borrowing strategy, which would enhance the
country's credit standing and credibility abroad, Letter of
Instructions (LOI) No. 158, dated January 21, 1974, requires all
foreign borrowing proposals of the Government, its agencies, and
government financial institutions to be submitted to the Central Bank
(now Bangko Sentral) for approval-in-principle by the Monetary Board as
to purpose and credit terms, among others, before commencement of
actual negotiations;
WHEREAS, there is a need to clarify the timing for submission of
borrowing proposals as contemplated therein to ensure faithful and
strict compliance therewith, with the end in view of further
strengthening the government's negotiating posture;
WHEREAS, Republic Act No. 7653 (the New Central Bank Act) requires the
Government, through the Secretary of Finance, as well as its political
subdivisions and instrumentalities, to request a written opinion of the
Monetary Board on the monetary implications of any credit operation
abroad before undertaking the same;
NOW, THEREFORE, I, FIDEL V. RAMOS, President of the Philippines, by
virtue of the powers vested in me by law, do hereby order:
All government agencies, instrumentalities, political subdivisions,
financial institutions and corporations, as well as local governments,
shall submit to the Bangko Sentral ng Pilipinas their request for
approval-in-principle by the Monetary Board of their foreign borrowings
proposals even before issuing a mandate or commitment to foreign
funders/arrangers. The request shall include, among others, information
on the undertaking/project to be financed, magnitude and timing of
funding requirements, indicative terms, as well as timetable/target
date for entry into the capital markets.
This Administrative Order shall take effect immediately.
DONE in the City of Manila,
this 28th day of November in the year of Our Lord, nineteen hundred and
ninety-three.
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Since 19.07.98.