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EXECUTIVE ORDERS
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EXECUTIVE ORDER NO. 353 -
OBLIGATING AND GUARANTEEING THE DEPARTMENT OF FOREIGN AFFAIRS (DFA)
LOAN WITH THE PHILIPPINE NATIONAL BANK AND ORDERING THE SECRETARY OF
BUDGET AND MANAGEMENT TO INCLUDE IN THE DFA ANNUAL BUDGET APPROPRIATION
FOR THE PURCHASE OF PROPERTIES FOR CY 1997, 1998, 1999, 2000 AND 2001
SUCH AMOUNTS NECESSARY TO AMORTIZE AND PAY OFF SAID GOVERNMENT LOAN
WHEREAS,
it has been the declared policy of the government to upgrade shabby
embassy chanceries and residences of the Philippine foreign service
through the acquisition and financing of new properties, considering
that these embassies shall become the showcase and center activities
during the celebration abroad of the Philippine Centennial in 1998;
WHEREAS, the Department of Foreign Affairs (DFA) identified three
properties that are available for acquisition in the cities of Madrid,
Rome and Los Angeles;
WHEREAS, said properties have been assessed as adequate for the use of
the foreign service, located in prominent and decent areas and easily
accessible by public transport;
WHEREAS, after several meetings with Philippine National Bank (PNB)
officials, there has been an agreement between the PNB and DFA to enter
into a loan agreement in the amount of US$9,589,000 to purchase the
three properties;
WHEREAS, said loan shall serve as bridge finance to purchase the three
properties, payable in 5 years, and the 1996 annual appropriations of
the DFA for chancery rentals for the three posts shall initially pay
for the interest; the budget appropriations for purchased of properties
for 1997, 1998, 1999, 2000 and 2001 shall pay for the loan.
NOW THEREFORE, I, FIDEL V. RAMOS, President of the Philippines, by
virtue of the powers vested in me by law, hereby obligate and guarantee
the DFA loan with the PNB and order the Secretary of the Budget and
Management to include in the DFA annual budget appropriation for the
purchase of properties for CY 1997, 1998, 1999, 2000 and 2001, such
amounts necessary to amortize and payoff said government loan.
DONE in the City of Manila,
this 28th of June in the year of Our Lord, Nineteen Hundred and
Ninety-Six.
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