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LETTER OF INSTRUCTIONS
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LETTER OF INSTRUCTIONS NO. 1308 |
The Minister of Budget and Management
The Secretary General, KKK National Secretariat
The National Treasurer of the Philippines
Pursuant to government policies of accelerating the implementation of the Kilusang Kabuhayan at Kaunlaran as the centerpiece of development, the following instructions are hereby declared:
1.
A KKK Guaranty Fund is hereby established as a special account in the
Central Bank of the Philippines to guarantee payments of KKK projects.
The KKK Guaranty Fund shall have an initial amount of US$100 Million
from the proceeds of the Economic Support Fund.
2. The Fund
shall include the establishment of a liquidity system, interest subsidy
system and an insurance system. The guarantee system shall likewise
extend to trading of mortgages by floating asset-back bonds and/or
availing of the Central Bank rediscounting facility provided that the
Fund, existing laws to the contrary notwithstanding shall qualify for
and have access to the discounting mechanism of the Central Bank under
Circular B Sec. 87/88 of the Central Bank Act.
3. The KKK
National Secretariat shall oversee the operations and administration of
the fund in accordance with the KKK Guaranty Program guidelines and
shall thereby effect the necessary coordination with relevant
government and private financial parties. The KKK Processing Center
Authority is hereby empowered to operate the KKK Guarantee Systems and
accordingly is hereby authorized to establish working relationships
with the public and private financial institutions for the
implementation of the program.
For immediate compliance.
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