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. 1147 -
INCREASING THE PRICE SUPPORT FOR PALAY AND CORNGRAINS AND INCREASING
THE CREDIT LINE OF THE NATIONAL FOOD AUTHORITY WITH THE PHILIPPINE
NATIONAL BANK AND LAND BANK OF THE PHILIPPINES |
The Governor, Central Bank of the Philippines
The President, Philippine National Bank
The President, Land Bank of the Philippines
The Administrator, National Food Authority
WHEREAS, the recent increases of oil prices have triggered the corresponding increases in the prices of agricultural inputs;
WHEREAS, as an aftermath of this substantial increase in the cost of inputs, farmers' income have been continuously eroded;
WHEREAS, in order to maintain the grains already achieved in production, farmers have to be provided with sufficient incentive to sustain the momentum of production.
WHEREAS, it is necessary for the government to purchase and accumulate sufficient stocks of grains for price stabilization and for export purposes;
WHEREAS, it therefore becomes imperative to ensure the flow of funds earmarked for the government's grains procurement program.
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines by virtue of the powers vested in me by the Constitution, do hereby order and direct:
1.
That the National Food Authority shall increase the support price of
palay from the present P1.45/kilo to P1.55/kilo and of corngrains from
P1.20/kilo to P1.30/kilo, both clean and dry.
2. That the
Philippine National Bank shall extend to the National Food Authority an
additional credit line of P250M thereby increasing the existing credit
line to P1.5 Billion.
3. That the
Land Bank of the Philippines shall extend to the National Food
Authority an additional credit line of P250M thereby increasing the
existing credit line to P1 Billion.
4. That the
Central Bank of the Philippines shall increase the rediscount ceiling
of the Philippine National Bank and Land Bank to cover all NFA Local
procurement operation papers presented by these Banks.
5. That all
ministries and government institutions concerned shall take such
measures as may be necessary and appropriate to implement and achieve
the objective of this Letter of Instructions.
All provisions of Orders and Letters of Instructions inconsistent with this Letter of Instructions are hereby repealed or modified accordingly.
These instructions shall take effect on June 17, 1981.
Issued this 25th day of May, in the year of Our Lord nineteen hundred and eighty-one, in the City of Manila.
chanrobles virtual law library
Back to Main
Since 19.07.98.
