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LETTER OF INSTRUCTIONS
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LETTER OF INSTRUCTIONS NO. 1084 |
The Minister of Finance
The President, Philippine National Bank
The President, Land Bank of the Philippines
The Governor, Development Bank of the Philippines
Letter of Instruction No. 633, dated November 29, 1977, third paragraph, subparagraph 1 which reads:
"The
Philippine National Bank, the Development Bank of the Philippines, and
the Land Bank of the Philippines, devise a LOCAL GOVERNMENT EQUIPMENT
ACQUISITION LOAN PROGRAM with concessionary and liberal amortization
schemes for provinces, cities, municipalities, which are not
beneficiaries of the proceeds of the rural development loan of the
Rural Roads Program."
is hereby amended to read:
"The
Philippine National Bank, the Development Bank of the Philippines, and
the Land Bank of the Philippines, devise a LOCAL GOVERNMENT EQUIPMENT
ACQUISITION LOAN PROGRAM with concessionary and liberal amortization
schemes for provinces, cities, municipalities which are not
beneficiaries of the proceeds of the rural development loan of the
Rural Roads Program: Provided, however, That provinces and cities which
are now, or may hereafter become beneficiaries of the proceeds of the
rural development loan may avail of the LOCAL GOVERNMENT EQUIPMENT
ACQUISITION LOAN PROGRAM subject to the conditions that:
a) The
province shall first avail of the rural development loan;
b) The
proceeds of the rural development loan shall be deducted from the legal
borrowing and net paying capacity of the province/city concerned; and
c) Viewed from
its approved development program, the need for the equipment sought to
be procured out of the proceeds of the loan under this amendment could
be appropriately justified."
Done in the City of Manila, this 20th day of November, in the year of Our Lord, nineteen hundred and eighty.
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