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EXECUTIVE ORDERS
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EXECUTIVE ORDER NO. 267 - PROVIDING
FOR THE ISSUANCE OF NATIONAL GOVERNMENT BINDS TO BE KNOWN AS AGRARIAN
REFORM (AR) BONDS
WHEREAS, Section 18 of Republic Act
No. 6657, otherwise known as the Comprehensive Agrarian Reform Law,
allows the compensation landholdings subject to the Government’s
Comprehensive Agrarian Reform Program (CARP) to be paid in government
financial instruments negotiable at any time;
WHEREAS, National Government Bonds fall within term “government
financial instruments negotiable at any time.”
NOW, THEREFORE, I, FIDEL V. RAMOS, President of the Philippines, by
virtue of the powers vested in me by law, do hereby order:
1.
2.
3.
The Department of Finance, the Land Bank of the Philippines, the Department of Budget and Management, the Bureau of Treasury and all other government agencies concerned are hereby directed to coordinate with one another on the printing, issuance, servicing and safekeeping of AR Bonds, the segregation of the accounts of CARP-related transactions in the books of account maintained by the Land Bank of the Philippines and the placement of the ARF in trust with the Land Bank of the Philippines.
In the implementation of this order:
a)
b)
c)
DONE in the City of Manila, this 25th day of July, in the year of Our Lord, nineteen hundred and ninety-five.
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Since 19.07.98.