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LETTER OF INSTRUCTIONS
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LETTER OF INSTRUCTIONS NO. 1231 -
INCREASING THE FINANCIAL EXPOSURE OF THE REPUBLIC PLANTERS BANK IN THE
LOAN GUARANTEE FUND FROM P20,000,000 TO P100,000,000 |
The Governor, Central Bank of the Philippines
The President, Republic Planters Bank
WHEREAS, on 17 January 1980, the Ministry of Labor and Employment thru the Bureau of Rural Workers and the Republic Planters Bank concluded a Memorandum of Agreement establishing a Loan Guarantee Fund Scheme providing credit to sugar workers and their organizations;
WHEREAS, pursuant to said agreement, the Bureau of Rural Workers shall put a fund amounting to TEN MILLION PESOS (P10,000,000.00) to be administered by the Republic Planters Bank, and the latter in turn shall extend an exposure equivalent to two times the amount so deposited for the purpose of granting loans to qualified sugar workers and their organizations;
WHEREAS, there is a need to expand the Loan Guarantee Fund scheme in support of the National Livelihood Program for sugar workers to effectively implement the objectives of the New Republic in uplifting the living and working conditions of workers in the sugar industry more specially those in the plantations;
WHEREAS, sugar workers urgently need special assistance in view of possible labor displacement, underemployment and unemployment in the event of intensive farm mechanization;
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Republic of the Philippines by virtue of the powers vested in me by the Constitution, do hereby order that:
1.
The Central Bank and the Republic Planters Bank shall negotiate for the
increase of the financial exposure of the latter bank in the Loan
Guarantee Fund for sugar workers from the current P20,000,000 to
P100,000,000; and
2. The maximum
coverage of the Loan Guarantee Fund shall be extended to all qualified
sugar workers as well as to qualified sugar workers' organizations as
determined by the Ministry of Labor and Employment within the framework
of the National Livelihood Program.
Done this 1st day of May, 1982 in the City of Manila, Philippines.
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