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LETTER OF INSTRUCTIONS
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LETTER OF INSTRUCTIONS NO. 1351 |
The Governor, Central Bank of the Philippines
SUBJECT MATTER : Directing the Executive Committee to now participate in important
government programs more specifically a review of the monetary, banking as
well as general economic policies.
I have observed that the Executive Committee in its meetings has been addressing itself to matters of little consequence in relation to the great tasks of government. This is completely at variance with the purpose for which the Executive Committee, under the Constitution, was created, which is to "assist the President in the exercise of his powers and functions and in the performance of his duties". This means that the basic function of the Executive Committee concerns matters related to growth and progress as national goals.
In the context of the present situation, the Executive Committee, therefore, must help in developing policies and programs which would minimize inflation rates and improve the balance of payments. The Executive Committee must apply itself to reorienting strategy and policy so that comprehensive efforts in the government could be undertaken towards the attainment of the foregoing specific objectives. The Batasang Pambansa has already completed discussion of the budget; the Executive Committee therefore should now devote more attention to monetary policy than it has thus far given.
Since the Constitution provides that the President shall prescribe the particular responsibilities that the Executive Committee must perform, I hereby direct it to participate now in the study of important programs confronting the government and the entire country, in finding solutions to such problems, and in implementing such solutions. Specifically, the Executive Committee is hereby authorized to review monetary, banking, as well as general economic policies.
I have no doubt that such concentration will solidify the gains we have already made and accelerate further development. The domestic economy, for instance, has successfully implemented the recovery program up to this moment. These has been a 17% increase in industrial activities. The inflation rate is less than 8%, despite the devaluation of the Philippine peso. Export prices have risen to such a point that in the countryside the small producers should now enjoy a liberal transfusion of funds. The price of coconut oil has increased to 44 cents a pound, so that the sale of copra by the ordinary coconut farmer should be between a P4 and P5 a kilo. Soya bean oil is 35 cents a pound. We have just been given an additional quota of sugar in the United States. The National Food Authority has reported an increase in the harvest of corn, especially in Mindanao. The overseas workers have continued to remit earnings to the Philippines at a rate almost 30 per cent higher than last year's.
I hereby direct the monetary authorities led by Central Bank Governor Jaime C. Laya to coordinate their efforts with those of the Executive Committee. Towards this end, the Executive Committee shall meet as often as possible on such monetary, banking and other economic policies as may be necessary.
To accomplish the task I have outlined above, the Executive Committee may consult other sectors of the economy and seek their advice on any particular matter.
The Executive Committee shall submit reports of its studies and recommendations to the President as often as possible.
DONE, in the City of Manila, this 6th day of September, in the year of Our Lord nineteen hundred and eighty-three.
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