EXECUTIVE ORDER NO. 975 - DIRECTING ADDITIONAL BUDGETARY SAVINGS AND ECONOMY MEASURES

WHEREAS, there is a continuing need to keep the budget deficit at manageable levels:

WHEREAS, control of government expenditure is an essential component of our retrenchment program.

NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines, by virtue of the powers vested in me by law, do hereby order the immediate implementation of the following:

A. Additional Reserves in the 1984 Budget

1. A budgetary reserve equivalent to one and one-half billion pesos (P1.5 billion) shall be effected in the 1984 budget program in addition to the earlier implemented reserves.

2. The reserves shall be applied on the major expenditure accounts on the basis of the following: Capital Outlays and Corporate Equity P0.5 billion Current Operating Expenditures — 1.0 billion

B. The Office of the Budget and Management shall prepare a consolidated adjusted program of expenditures for implementation purposes and shall accordingly issue the relevant budget execution circulars. 

C. The provisions of Letter of Implementation No. 146 and Letter of Instructions No. 1408 prescribing economy and funds control measures, respectively, are hereby reiterated.