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LETTER OF INSTRUCTIONS
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LETTER OF INSTRUCTIONS NO. 109
TO
: The Secretary of Finance
In order to institute a uniform procedure in the handling and
accounting of the proceeds of foreign loans as well as the servicing
thereof and to reflect the said loan proceeds and the total
expenditures incurred therefrom in the President's Annual Budget, you
are hereby ordered to direct the consolidation of the handling and
accounting of the proceeds of foreign loans (whether in cash or in
kind), as well as the servicing thereof, in the Bureau of the Treasury,
as follows:
Proceeds — All proceeds of foreign loans whether in
cash or in kind shall be accounted for and recorded in the books of the
Bureau of the Treasury, and shall be the subject of release in
accordance with existing auditing, accounting and budgeting rules and
regulations. All proceeds of foreign loans whether in cash or in kind
that have already been availed of as of the effectivity of this Letter
of Instruction by the various recipient agencies of the National
Government, shall be taken up and recorded in the books of the Bureau
of the Treasury and any cash balance in the account of the various
recipient agencies concerned shall be the subject of release in
accordance with the Bureau of the Treasury.
Servicing — The amounts provided to service the
foreign loans incurred by bureaus, offices and agencies of the National
Government, for and in the name of the Republic of the Philippines,
shall henceforth be released to the Bureau of the Treasury.
You shall coordinate with the Auditor General and the Commissioner of
the Budget in prescribing the necessary auditing, accounting and
budgeting rules and regulations for the proper handling and recording
of the proceeds of foreign loans as well as the servicing thereof.
You shall also coordinate with the Governor of the Central Bank of the
Philippines, the Director-General of the National Economic and
Development Authority and the Heads of the various departments,
bureaus, offices and/or instrumentalities of the National Government
who are recipients of foreign loans in gathering the data necessary for
the handling and recording of such foreign loans.
DONE in the City of Manila,
this 3rd day of August, in the year of Our Lord, nineteen hundred and
seventy-three.
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Since 19.07.98.