ChanRobles Virtual law Library
PHILIPPINE LAWS, STATUTES & CODES
A collection of Philippine laws, statutes and codes not included or cited in the main indices of the Chan Robles Virtual Law Library.
Search for
www.chanrobles.com
:
LETTER OF INSTRUCTIONS
PLEASE CLICK HERE FOR THE LATEST ➔ PHILIPPINE LAWS, STATUTES & CODES
|
|
|
|
|
LETTER OF INSTRUCTIONS NO. 1366 |
The Governor, Central Bank of the Philippines
The President, Philippine National Bank
National Investment & Development Corporation
National Development Company
The Chairman, Philippine Export and Foreign Loan
Guarantee Corporation
Development Bank of the Philippines
All Government-Owned or Controlled Corporations
Concerned
WHEREAS, both the private and government sectors are adopting all the necessary measures to improve the balance of payments situation of the country;
WHEREAS, it is imperative that the country's actual and contingent foreign exchange liabilities be reduced to minimum amounts:
WHEREAS, there is a need to limit the approval of foreign loans and other foreign obligations which are secured by guarantees to highly meritorious projects;
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines, do hereby Order and Instruct:
1.
All government financial institutions and other government-owned or
controlled corporations shall not extend or issue guarantees,
counter-guarantees, standby letters of credit and other forms of
guarantees to secure foreign loans and other foreign obligations of the
private sector;
2. The Central
Bank shall not approve or register foreign loans or other foreign
obligations of the private sectors secured by guarantees in any form
extended or issued by government financial Institutions and other
government-owned or controlled corporations;
3. The above
prohibitions shall not apply to bid bonds, trade transactions, advance
payment bonds in connection with overseas projects, and performance
bonds on operations and maintenance contracts.
These instructions shall take effect immediately.
Done in the City of Manila, this 5th day of November, nineteen hundred and eighty-three.
chanrobles virtual law library
Back to Main
Since 19.07.98.
