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PHILIPPINE LAWS, STATUTES & CODES
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EXECUTIVE ORDERS
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EXECUTIVE ORDER NO. 915 -
TRANSFERRING THE BALANCE AND RECEIVABLES OF THE FILIPINO RETAILERS’
FUND TO THE COTTAGE INDUSTRY GUARANTEE AND LOAN FUND (CIGLF)
WHEREAS, the Filipino Retailers’ Fund (FRF)
in the original amount of Twenty Million Pesos (P20,000,000.00) was
created under Republic Act No. 1292 on June 15, 1955, to extend liberal
credit facilities to bona fide Filipino retailers;
WHEREAS, of said Twenty Million Pesos, there remains an amount of THREE
MILLION NINETY THOUSAND EIGHT HUNDRED THIRTY EIGHT PESOS AND 27/100
(P3,090,838.27) now deposited with the Philippine National Bank under a
current account aside from receivables and collectibles from
borrowers;
WHEREAS, it has been determined that it is no longer viable and
economical to continue with the grant of loans to Filipino retailers
and that the existing amount now on deposit with the Philippine
National Bank will therefore remain dormant and unproductive unless
transferred to another active subsisting fund;
WHEREAS, the Filipino Retailers’ Fund can be integrated into the
Cottage Industry Guarantee and Loan Fund (CIGLF) which is owned by the
National Cottage Industries Development Authority (NACIDA) and
administered by the Central Bank of the Philippines;
WHEREAS, the FRF amount now on deposit with the Philippine National
Bank could be best utilized to augment the CIGLF to assist cottage
industry producers in the country;
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Republic of
the Philippines, by virtue of the powers vested in me by the
Constitution, do hereby order the following:
Section 1.
Sec. 2.
Sec. 3.
Sec. 4.
Sec. 5.
Sec. 6.
Done in the City of Manila,
this 15th day of October, in the year of Our Lord, Nineteen Hundred and
Eighty-three.
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