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LETTER OF INSTRUCTIONS
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LETTER OF INSTRUCTIONS NO. 1297 -
DIRECTING GOVERNMENT MINISTRIES, BUREAUS, AGENCIES AND CORPORATIONS
WITH OUTSTANDING PAYABLES TO CONSTRUCTION AND DEVELOPMENT CORPORATION
OF THE PHILIPPINES (CDCP) TO EXPEDITE PAYMENTS OF SUCH PAYABLES |
Pursuant to the Government's decision to extend all the necessary assistance in the financial rehabilitation program of CDCP and in order to allow CDCP to liquify its receivables and thus enable the same to fund its operating and debt servicing requirements, the following institutions are hereby directed and authorized to do as follows:
1.
The Public Estate Authority (PEA) shall release to CDCP the unpaid
balance of the Manila Cavite Coastal Road and Reclamation Project
(MCCRRP) land sales proceeds amounting to P644 million, in four
quarterly installments as follows:
Amount
Payment Due
P161 Million
Not later than February 28, 1983
P161 Million Not later than April 30, 1983
P161 Million Not later than July 31, 1983
P161 Million Not later than October 31, 1983
Pursuant thereto, the following are hereby directed to immediately allocate funds for this purpose and to commence processing of the pertinent payment vouchers.
Ministry
of Public Works and Highways
Ministry of Transportation and Communication/Light Rail Transit
Authority
Metro Manila Commission
Metropolitan Waterworks and Sewerage System
National Power Corporation
Philippine National Oil Company and all other government ministries,
agencies, bureaus, offices and corporations with outstanding payables
to CDCP.
4. For new and future billings, and as a matter of procedure, all concerned government contract owners shall process the billings of and make appropriate payments to CDCP in accordance with terms specified in their respective contracts. These billings shall include those for basic contract accomplishments, extra works, supplementary contracts, variation orders, escalations, and claims.
This Letter of Instruction shall take effect immediately.
Done in the City of Manila, this 23rd day of February, in the year of Our Lord, nineteen hundred and eighty-three.
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Since 19.07.98.
