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LETTER OF INSTRUCTIONS
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LETTER OF INSTRUCTIONS NO. 1214 -
DIRECTING MEASURES TO SAFEGUARD THE GOLD, OTHER METALS AND COPPER
INDUSTRIES |
The Governor, Central Bank of the Philippines
WHEREAS, the international price of gold, copper and other minerals have reached extremely low levels;
WHEREAS, the sale of Philippine gold and copper at unreasonably low prices jeopardize not only the mining companies concerned and their employees, but the national resource patrimony itself;
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines, do hereby Order and Instruct:
1.
The Executive Committee shall review the terms and conditions of the
Copper Stabilization Fund and shall study and adopt such measures as
may be necessary to fully support gold, other metals and copper
producers.
2. The Central
Bank shall increase its holdings of gold in the international reserve
by acquiring an increased amount of primary and secondary gold
production.
3. The Central
Bank may finance gold, other metals and copper production on the basis
of the current prices of such metals, at such export rediscounting rate
as may be determined by the Monetary Board and up to such maximum
amounts as may be warranted by domestic credit expansion constraints.
4. The
Executive Committee shall study and recommend to the President on the
budgetary resources needed to support the gold, other metals and copper
program beyond what the Central Bank can extend.
Done, in the City of Manila, this 17th day of March, nineteen hundred and eighty-two.
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Since 19.07.98.
