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EXECUTIVE ORDERS
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EXECUTIVE ORDER NO. 465 - CREATING
A NATIONAL COMMISSION ON COUNTRYSIDE CREDIT AND COLLECTION
WHEREAS,
it is the policy of the State to pursue a massive and sustained food
self-sufficiency program, a rational dispersal of industries in the
rural areas, a redirection of credit resources from the urban centers
towards the countryside, and a mandatory allocation of at least
twenty-five per cent (25%) of the loanable funds of all banking
institutions for agricultural credit in general, of which at least 10%
shall be made available to agrarian reform beneficiaries.
WHEREAS, in order to accelerate rural development and growth, credit
resources have to be generated and expanded through effective financial
intermediation and sound lending operations so that the same could be
channelled to, and utilized in, priority agricultural, industrial
production areas;
WHEREAS, on the other hand, increased credit resources in banks and
other financial intermediaries could be generated and increased only if
the vital importance of credit, 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,
municipality and barangay.
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Republic of
the Philippines, by virtue of the powers in me vested by law, do hereby
create a National Commission in Countryside Credit and Collection,
which shall take charge of strengthening and rationalizing the
country’s rural credit system.
1.
(a)
(b)
(c)
(d)
(e)
(f)
(g)
2.
3.
4.
5.
This Order shall take effect immediately.
Done in the City of Manila, this 28th day of April, in the year of Our Lord, nineteen hundred and seventy-six.
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Since 19.07.98.