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EXECUTIVE ORDERS
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EXECUTIVE ORDER NO. 252 -
TRANSFERRING THE ASSETS, FUNCTIONS, FUNDS, PERSONNEL AND RECORDS OF THE
MUNICIPAL DEVELOPMENT FUND OFFICE TO AN AFFILIATE CORPORATION OF THE
LAND BANK OF THE PHILIPPINES AND FOR OTHER PURPOSES
WHEREAS,
it is the long-term goal of the National Government to develop a viable
and sustainable financing system that will enable local government
units to have greater access to financing their investment needs at
competitive terms;
WHEREAS, an autonomous corporate entity imbued with capital structure
participated in by local governments, the private sector and other
stakeholders will serve the vast financing requirements of local
government units;
WHEREAS, the Municipal Development Fund, a revolving fund created under
Presidential Decree No. 1914 and capitalized and funded from proceeds
of foreign loans, assistance or grants made available to local
governments for specific purposes, project components and activities
set forth in international agreement with foreign governments and
international organizations was reorganized under Executive Order No.
41 as an Office under the Department of Finance (DOF) and renamed the
Municipal Development Fund Office (MDFO), to finance lower income local
governments and social and environmental projects that find great
difficulty in getting financing from government and private banks;
WHEREAS, the 1991 Local Government Code represented a major step
forward in a system of decentralization that created a need for local
government units to have greater access to sources of funding for
development projects;
WHEREAS, the increasing need for local government financing and a more
effective management and implementation of the Municipal Development
Fund can be met more effectively by a corporate entity serving as one
of the principal sources of financing local government projects and
programs; and
WHEREAS, this corporate entity can be efficiently affiliated to a
government financial institution and in the process relieve the
National Government from the burden of providing budgetary support and
other financial commitments.
NOW, THEREFORE, I, GLORIA MACAPAGAL-ARROYO, President of the
Philippines, by virtue of the powers vested in me by law, do hereby
order and direct:
Section 1.
Sec. 2.
Sec. 3.
a.
b.
c.
Sec. 4.
Sec. 5.
Sec. 6.
Sec. 7.
DONE in the City of Manila,
this 1st day of December, in the year of Our Lord, Two Thousand and
Three.
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