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EXECUTIVE ORDERS
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EXECUTIVE ORDER NO. 326 - PROVIDING
FOR THE SUSPENSION OF THE REQUIREMENTS OF EXECUTIVE ORDER NO. 10 WHICH
MANDATES ALL GOVERNMENT FINANCIAL INSTITUTIONS TO USE INCOME TAX
RETURNS AND FINANCIAL STATEMENTS DULY FILED WITH, AND CERTIFIED BY THE
BUREAU OF INTERNAL REVENUE IN EVALUATING THE BORROWER’S CAPACITY TO
PAY, PROVIDED THAT THIS SUSPENSION SHALL ONLY BE APPLICABLE TO MICRO,
COTTAGE AND SMALL ENTERPRISES
WHEREAS, in consonance with
Presidential Proclamation No. 595, declaring 1996 as the Small
Enterprises Development Year;
WHEREAS, as embodied in Republic Act 6977, otherwise known as the Magna
Carta for Small Enterprises, it is the policy of the State to promote,
support, strengthen and encourage the growth and development of small
and medium enterprises in all productive sectors of the economy towards
countryside industrialization;
WHEREAS, cognizant of the fact that the most rapid way of advancing the
commercial and economic interests of the micro, cottage and small
enterprises, as defined by the Small and Medium Enterprises Development
Council, is by providing them access to available financing facilities
of government financing institutions;
WHEREAS, recognizing that a great number of micro, cottage and small
enterprises which are not able to prepare necessary financial
statements and income tax returns, in accordance with Executive Order
10, resort to informal and unrecognized financing alternatives, thereby
tolerating the existence of loan sharks and usurers;
WHEREAS, realizing the imperative objective of the prevailing Tax
Reform Program of the Government, and in facilitation thereof,
heightened revenues could be potentially generated should these micro,
cottage and small enterprises be drawn into the formal economic sphere;
WHEREAS, the government financing institutions, in their lending
programs shall educate these enterprises in the preparation of
financial statements and income tax returns, and require them to file
with the Bureau of Internal Revenue;
NOW, THEREFORE, I, FIDEL V. RAMOS, President of the Republic of the
Philippines, by virtue of the powers vested in me by the Constitution,
do hereby suspend the requirements of Executive Order No. 10; Provided:
a)
b)
c)
d)
This Executive Order shall take effect immediately.
DONE in the City of Manila, this 17th day of April in the year of Our Lord, Nineteen Hundred and Ninety-Six.
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