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LETTER OF INSTRUCTIONS
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LETTER OF INSTRUCTIONS NO. 1371 |
The Governor, Central Bank of the Philippines,
The Minister, Office of Budget and Management,
The Administrator, KKK Processing Center Authority
Pursuant to the expanded role of the Kilusang Kabuhayan at Kaunlaran as the centerpiece of Philippine development, the salient powers given to KKK-Processing Center Authority under Executive Order No. 866, the following classificatory directions are hereby given:
1.
That the KKK-PCA shall incorporate a Countertrade Subsidiary to
undertake or arrange countertrade/barter or other similar offset
arrangements with any entity whether domestic or foreign and whether
government or private in support of all KKK livelihood and anchor
projects as well as small and medium scale industries. The Subsidiary
shall have the authority to establish the necessary financial
structures and linkages with local and foreign financial institutions
as well as organize KKK-PCA overseas offices to handle the trading and
control of countertrade transactions.
The establishment of a
countertrade agreement with the following are hereby authorized:
a.
Brollo Italia of Italy for a national grains silo system and a mini
steel and rolling mill.
b. Hanjung
Trading Co., Ltd., of South Korea for raw materials and equipment.
c. Cashew
Corporation, Inc. of India for the establishment of an integrated
cashew plantation and processing project.
d. Koor
International of Israel for seed multiplier, deli-meat processing
equipment and technology/equipment for agricultural export-oriented
projects.
e. Aidre &
Cie and United Engineering and Finance Corporation (UNEFICO) of
Switzerland for various raw materials and equipment for food
production/processing projects.
f. Trade and
financing facility agreements with Austria and India to enable the
Philippines to use existing trade support mechanisms and to open up new
export markets.
3. The KKK National Secretariat through the KKK-PCA, pursuant to provision No. 3 J of Executive Order 866, is hereby directed to promulgate the policies and systems to effect Countertrade transaction and shall coordinate with the Central Bank on the implementation of such systems.
4. In order to provide a front-end fund for Countertrade transactions, the Minister for Budget is hereby directed to release to the KKK-PCA P100 million chargeable to the National Livelihood Support Fund, allocation for CY 1984, subject to approval by the President.
Done in the City of Manila, this 19th day of January in the year of Our lord nineteen hundred and eighty-four.
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