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LETTER OF INSTRUCTIONS
PLEASE CLICK HERE FOR THE LATEST ➔ PHILIPPINE LAWS, STATUTES & CODES
LETTER OF INSTRUCTIONS NO. 118
TO
: The Secretary
Department of Finance
The Governor
Central Bank of the Philippines
The Commissioner
Securities & Exchange Commission
The President
National Housing Corporation
The President
Philippine National Bank
and/or The President
National Investment & Development
Corporation
The Chairman of the Board of Governors
The Development Bank of the Philippines
The Administrator
Social Security System
The General Manager
Government Service Insurance System
In order to strengthen the financial position of the National Housing Corporation, to enable it to fulfill further its objective of manufacturing low-cost housing components and of constructing low-cost housing units for the masses, and to enable it — prior to its attainment of full capacity operations — to service the foreign loan which it incurred in the acquisition of its plants and equipment:
1.
The National Housing Corporation and the
Securities & Exchange Commission are hereby directed to effect
immediately an increase in the authorized capital of the National
Housing Corporation from P100 Million to P250 Million of common shares
of stock:
2. The
Development Bank of the Philippines, the
Philippine National Bank and/or National Investment & Development
Corporation, the Social Security System and the Government Service
Insurance System are hereby directed to convert into shares of common
stock of the National Housing Corporation the advances they have made
so far to fund the semi-annual amortizations on the foreign loan of the
National Housing Corporation;
3. The
Development Bank of the Philippines, the
Philippine National Bank and/or National INVESTMENT &
Development Corporation, the Social Security System and the
Government Service Insurance System are hereby directed to
subscribe in equal proportion and pay for such additional shares
of common stock of the National Housing Corporation as may be
necessary from time to time to enable the NHC to meet future
installments on foreign loans already incurred;
4. The
Development Bank of the Philippines, the
Philippine National Bank and/or National Investment &
Development Corporation, the Social Security System and the
Government Service Insurance System are hereby directed, in
addition to the above, to subscribe and pay for shares of common
stock of the National Housing Corporation within one month from
the date hereof in the amount of P4 Million each, or a total of
P16 Million, to augment the working capital of the National
Housing Corporation;
5. The
Secretary of Finance and the Governor of the
Central Bank are hereby directed to take whatever measures are
necessary to convert, through refinancing or other methods, the
foreign obligations of the National Housing Corporation from
Deutsche Marks into any currency with less or no prospect of
revaluation in the future.
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