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EXECUTIVE ORDERS
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EXECUTIVE ORDER NO. 692 -
CONSTITUTING THE FUND FOR THE COOPERATIVE DEVELOPMENT LOAN FUND AS
CREATED BY PD 175 INTO A SPECIAL REVOLVING FUND
WHEREAS, the Cooperative
Development Loan Fund (CDLF) created under Presidential Decree No. 175
as a source of fund for the development of the cooperative movement as
vital for the growth and stability of cooperatives and attainment of
the objectives of Presidential Decree No. 175;
WHEREAS, the Cooperative Development Loan Fund is the only source of
low interest financing that could be availed of by the cooperative
movement;
WHEREAS, there are provisions of laws which delimit the operations of
the Cooperative Development Loan Fund;
WHEREAS, the Cooperative Development Loan Fund which has been chiefly
financed from the general appropriations, has been encountering
difficulties in its roles as the financing arm of the cooperative
development program due to the limitations imposed by existing laws;
WHEREAS, there is an imperative need to revitalize the operations of
the Cooperative Development Loan Fund in order that can better serve
the interests of the cooperative movement; and
WHEREAS, it is necessary that the fund of the Cooperative Development
Loan Fund together with its earnings be made as a special revolving
fund with all the attributes, powers and privileges granted by law to
government-owned corporations;
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines,
by virtue of the powers vested in me by law, do hereby order:
Section 1.
Sec. 2.
Sec. 3.
Sec. 4.
Sec. 5.
Sec. 6. Since 19.07.98.
Done in the City of Manila,
this 15th day of May, in the year of Our Lord, nineteen hundred and
eighty-one.
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