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EXECUTIVE ORDERS
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EXECUTIVE ORDER NO. 185 - EXPANDING
THE POWERS OF THE BOARD OF DIRECTORS OF THE PHILIPPINE EXPORT AND
FOREIGN LOAN GUARANTEE CORPORATION UNDER PRESIDENTIAL DECREE NO. 1080
WHEREAS,
the Philippine Export and Foreign Loan Guarantee Corporation
(Philguarantee) is a wholly owned government corporation entrusted with
the task of providing guarantee coverage for approved foreign loans and
service contractors to promote and facilitate the entry of these
resources into the economy of the nation;
WHEREAS, the Philippine Export and Foreign Loan Guarantee Corporation,
in the pursuit of its objectives, extended and issued its guarantees
and counter guarantees for accounts of various exporters and
contractors which are presently encountering operational and financial
difficulties due to the prevailing economic conditions in the
country;
WHEREAS, there is a need to amend the Charter of the Philippine Export
and Foreign Loan Guarantee Corporation to expand the powers of its
Board of Directors to make it more responsive to the demands of the
current economic, circumstances;
WHEREAS, the Government is willing to provide the necessary support and
assistance in order to enable these exporters and contractors to
operate viably under the prevailing economic and business conditions;
NOW, THEREFORE, I CORAZON C. AQUINO, President of the Philippines, do
hereby order:
Section 1.
“Sec.
11.
(a)
(b)
(c)
(d)
(e)
(f)
Sec. 2.
Sec. 3.
Done in the City of Manila,
this 5th day of June in the year of Our Lord, nineteen hundred and
eighty-seven.
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