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EXECUTIVE ORDERS
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EXECUTIVE ORDER NO. 415 - CREATING
A NATIONAL COMMISSION ON SAVINGS
WHEREAS,
the national four-year economic development plan for FY 1974-77 has
established the national target of an average national real growth rate
of 7% in gross national product and, to attain this objectives, gross
domestic capital formation should increase at an average annual rate of
12%;
WHEREAS, in order to accelerate capital formation, savings with banks
and other financial intermediaries, which are vital factors
contributory to capital formation, have to be generated and increased
so that credits evolved therefrom could be channeled to, and utilized
in, priority industrial and production areas;
WHEREAS, on the other hand, increased savings in banks and other
financial intermediaries could be generated only if the extreme
importance of savings, insofar as it relates to the country’s economic
development, is inculcated in the minds of the citizenry through a
continuing campaign that will involve all sectors of society and all
levels of the government-national, provincial, city and barrio;
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines,
by virtue of the powers in me vested by law, do hereby create a
National Commission on Savings which shall take charge of accelerating
capital formation through non-inflationary means, particularly through
savings with banks and other financial intermediaries.
1.
(a)
(b)
(c)
(d)
(e)
2.
The Committee shall also evolve and recommend fiscal policies to the President of the Philippines directed towards providing the incentives which may bring about increased savings with banks and other financial intermediaries and, in this connection, study ways and means by which Government entities and agencies can fully utilize services and facilities of the banking system.
3.
4.
This Order shall take effect immediately.
Done in the City of Manila, this 29th day of June, in the year of Our Lord, nineteen hundred and seventy-three.
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Since 19.07.98.