EXECUTIVE ORDER NO. 241
EXECUTIVE ORDER NO. 241 - AMENDING
EXECUTIVE ORDER NO. 364 CREATING THE NATIONAL COMMISSION ON SAVINGS
WHEREAS,
sustainability of the economic growth relies on efforts to increase the
country’s productivity level, which in turn would lead to higher income
and higher domestic saving rate;
WHEREAS, the need to increase domestic saving rate would enable the
country to finance infrastructure and social development projects that
would greatly enhance the country’s capability for global
competitiveness;
WHEREAS, to sustain economic progress and development and faster growth
of the country, increasing capital formation through non-inflationary
means, particularly savings in banks and other financial
intermediaries, shall continue as government’s priority initiatives;
WHEREAS, the country’s drive to achieve higher domestic saving rate at
par with other countries, consistent with sustained accelerated
economic progress can be best achieved through collective efforts to
all sectors of society and recognizing their role in savings and
implementation of savings generation measures;
NOW, THEREFORE, I, JOSEPH EJERCITO ESTRADA, President of the
Philippines, by virtue of the powers vested in me by law, do hereby
amend Executive Order No. 364, series of 1996, and reconstitute the
National Commission on Savings which shall take charge of promoting
higher level of domestic savings and productivity and enhance capital
formation on a sustainable and nationwide scale:
1.
The Commission shall be composed of the following:
a.
Secretary of Finance or his duly authorized
representative
- Chairman
b. Governor,
Bangko Sentral ng Pilipinas or his
duly authorized representative -
Co-Chairman
c. Director
General, National Economic and
Development Authority or his duly
authorized representative
- Member
d. Secretary
of Education, Culture and Sports
or his duly authorized representative - Member
e. President
of the Philippine Social Security
Association
- Member
f. Chairman,
Capital Markets Development
Council
- Member
g. President,
Bankers Association of the
Philippines
- Member
h. President,
Philippine Life Insurance
Association
- Member
i. President,
Investment Companies Association
of the Philippines - Member
2. The
Commission shall prepare, recommend and implement savings policies and
advocacy measures, savings oriented reforms and programs necessary to
enhance the mobilization and generation of savings on a nationwide
scale which shall include, but not be limited to:
(a)
inculcating and reinforcing the value of savings in all sectors of
society;
(b)
keeping the public informed regarding existing savings legislation,
policies, programs and savings instruments offered by the country’s
financial system;
(c)
strengthening the role of financial intermediaries in savings
mobilization, such as banking, insurance, pre-need, mutual funds, and
others;
(d) conducting
periodic surveys and studies to assess the progress of savings
mobilization program; and
(e)
coordinating with government, private institutions and the legislative
branch as well as business organizations to gain the necessary support
for the enhancement of savings mobilization.
The Commission shall serve as a
clearing house for the different recommendations that will arise from
government and private institutions performing savings-related
functions.
3. The
Commission shall create working committees and any other special
committees as the need arises. The composition of these committees will
be designated by the Commission from government and private sectors.
4. The
Commission is authorized to engage the services of qualified
consultants to assist in the conduct of surveys, researches, studies
and plans on savings enhancement and other similar activities for which
specific expertise is needed. Likewise, the Commission may seek funding
assistance from its members and international donor
institutions.
5. The
Commission is further authorized to call upon any department, bureau or
instrumentality of the government, including government-owned and
controlled corporations, for such assistance as may be needed in the
discharge of its functions and responsibilities.
6. The annual
budgetary requirements of the Commission for personal services,
operating expenses and capital outlay shall be allocated in the annual
General Appropriations Act under the Department of Finance. The
positions of Executive Director, three (3) technical and (4)
administrative staff are hereby created with compensation in accordance
with the provision of Salary Standardization Law and shall act as
Secretariat to the Commission, working committees and such other
committees that may be created. Likewise, it shall be responsible for
the day-to-day operations of the Commission.
7. This order
shall take effect immediately.
DONE in the City of Manila,
this 12th day of May, in the year of Our Lord, Two Thousand.
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Since 19.07.98.