ChanRobles Virtual law Library
PHILIPPINE LAWS, STATUTES & CODES
A collection of Philippine laws, statutes and codes not included or cited in the main indices of the Chan Robles Virtual Law Library.
Search for
www.chanrobles.com
:
LETTER OF INSTRUCTIONS
PLEASE CLICK HERE FOR THE LATEST ➔ PHILIPPINE LAWS, STATUTES & CODES
|
|
LETTER OF INSTRUCTIONS NO. 1115 -
REGARDING THE INVESTMENT OF GOVERNMENT FUNDS |
Development
The Minister of the Budget
The Minister of Finance
Provincial, City of Municipal Treasurers
The Heads of Government Owned or Controlled
Corporations
WHEREAS, national government agencies and local government units and government owned or controlled corporations sometimes have temporarily unneeded funds that may be available for investment purposes:
WHEREAS, it is essential to safeguard public funds to the fullest extent possible;
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines, do hereby Order and Instruct:
1.
Funds of national government agencies that have been released to them
and already withdrawn from the Treasury Current Account (TCAA) and
funds received as trust, fiduciary, special fund or other receipts may
be deposited only in demand, savings or time deposit accounts with
government financial institutions, except as may be authorized by the
President or by the Monetary Board, in cases where there are no
branches of government banks able to service their requirements or for
other justifiable reason.
2. Funds of
government-owned or controlled corporations other than the government
financial institutions and of local government units may be deposited
only in demand, savings or time deposit accounts with government
financial institutions. They may however be placed in trust with such
financial institutions in cases where funds are expected to be
available for investment purposes for a relatively long period of time.
3. The amounts
held in trust or otherwise managed/advised for and in behalf of
government owned or controlled corporations or of local government
units shall be invested only in securities issued by the Treasury, the
Central Bank or other government owned or controlled corporations.
4. Government
owned or controlled corporations and local government units may not
lead their funds to any private individual, company, cooperative, or
other forms of enterprise except where specifically authorized by law.
5. The
Chairman, Commission on Audit, the Minister of Finance, the Minister of
Local Government and Community Development and the Minister of the
Budget shall issue the necessary rules and regulations to implement
these Instructions and to phase out deposits/investments/placements
which do not observe these Instructions.
Done in the City of Manila, this 18th day of March, nineteen hundred and eighty-one.
chanrobles virtual law library
Back to Main
Since 19.07.98.