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LETTER OF INSTRUCTIONS
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LETTER OF INSTRUCTIONS NO. 1136 -
DIRECTING A REHABILITATION PROGRAM FOR CDCP |
The Minister of the Budget
The Governor, Central Bank of the Philippines
The President, Philippine National Bank
The Chairman, Development Bank of the Philippines
WHEREAS, total government financial exposure in the Construction and Development Corporation of the Philippines (CDCP) now approximates P4.2 Billion;
WHEREAS, CDCP has been able to build an international reputation which places it in a position of being able to secure overseas construction contracts, which is consistent with the government's priority programs;
WHEREAS, it is to the best interest of government to strengthen the financial structure of CDCP while at the same time exercising closer supervision over the company in order to safeguard its existing exposure;
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines, do hereby direct the following:
1.
The National Development Company to invest the sum of Two Hundred Fifty
Million Pesos (P250,000,000.00) in CDCP at par value.
2. The
Minister of the Budget to release the amount of Two Hundred Fifty
Million Pesos (P250,000,000.00) to NDC as additional government equity
contribution in NDDC for the purpose of making the above investment, in
lieu of the P200 Million advance infrastructure payments previously
approved;
3. For the
Development Bank of the Philippines and/or NDC to guarantee a financial
restructuring of $150-$200 Million for CDCP;
4. For the
Chairman of NDC to effect the following:
a)
Constitute as Executive Committee of CDCP to include the heads of
government financial institutions with major exposure in CDCP;
b) Implement
an operating and financial rehabilitation program for CDCP to ensure
its continued viability;
c) Supervise a
retrenchment program on an orderly basis;
d) Ensure that
qualified Senior management personnel are brought into CDCP.
Done in the City of Manila, this 27th day of May in the year of Our Lord, nineteen hundred and eighty-one.
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