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LETTER OF INSTRUCTIONS
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LETTER OF INSTRUCTIONS NO. 1138 -
REGARDING GOVERNMENT FUNDS IN THE POSSESSION OF GOVERNMENT AGENCIES. |
Agencies, including state universities and colleges
All Chairmen, Presidents and Chief Accountants of government-owned or controlled
corporations
All Heads and Chief Accountants of local government units
The Acting Chairman, Commission on Audit
All Others Concerned
WHEREAS, agencies of government are sometimes in possession of funds which are not immediately needed for operating or capital requirements;
WHEREAS, standing policy requires that funds of government agencies be held by government financial institutions, including the Philippine Veterans Bank, and that these be managed in accordance with certain guidelines;
WHEREAS, it is necessary to assess the magnitude of funds actually available to government in the interest of economy and efficiency in fiscal operations;
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines, by virtue of the powers vested in me by law, do hereby order and instruct;
1.
All heads of office, including national agencies, government-owned or
controlled corporations, local government units and state universities
and colleges, shall prepare and submit to the President a summary of
their current assets, indicating type of assets and amounts, and
including the following details:
Cash on Hand and in Banks —
banks in which these are deposited or placed and the type of accounts
in which these are maintained.
Accounts Receivable, Advances
and other Receivables — major debtors and purposes of the
receivables/advances.
Investments and Marketable
Securities — classified as to financial or other institution holding
the investments or securities under investment management, investment
advisory, custodianship, trust investment management, or other
capacity. Under each institution, the companies/securities in which the
funds are held in the form of real estate/property or chattels shall be
fully described.
Funds or assets held and/or
managed as trust accounts in financial institutions shall be fully
described, indicating the security, company and amounts.
2. In cases of
funds held in trust by government offices, a balance sheet of the funds
shall be drawn and submitted to the President, indicating the details
of the assets to the same degree as required under No. 1 above.
3. In addition
to statements submitted by them pursuant to items No. 1 and 2 above,
government financial institutions shall summarize the funds held in
trust by them or which are the subject of investment advisory services
or custodianship or other similar arrangement, representing funds of
other government-owned or controlled corporations, national agencies,
and local government units, including trust or special funds of those
agencies. The summary shall include the amounts of
placements/investments in commercial paper and shares of stock, with an
indication of the status of the placement and yields on same. Any
defaults on commercial paper issues held shall be specifically
indicated.
4. All
agencies of the national government including state universities and
colleges, and local government units submit a list of certifications to
accounts payable as of March 31, 1981 which are not supported by
validated creditor claims or by perfected contracts.
5. The
statements required to be submitted under this Letter shall be as of
March 31, 1981 and shall be submitted to the President through the
Presidential Executive Assistant no later than June 15, 1981. Any
significant developments in the data being described taking place after
March 31 and before June 15 shall be described in an accompanying note.
6. The
statements shall be submitted with a note indicating the timetable and
approach for compliance with the requirement under LOI No. 1115
concerning the phase-out of investments/placements/assets holding in
forms other than duly authorized securities of the national government
or of government-owned or controlled corporations.
7. The
statements required to be submitted under this Letter of Instructions
shall be prepared and certified to by the Chief Accountant and by the
Resident/ Corporate Auditor.
Done in the City of Manila, this 28th day of May in the year of Our Lord, nineteen hundred and eighty-one.
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