LETTER OF INSTRUCTIONS NO. 144

The Governor
Central Bank of the Philippines
Manila

In view of the need to hasten the implementation of the declared policy of the Government to promote and accelerate the socio-economic growth and development of Mindanao, particularly, the economically depressed provinces of Sultan Kudarat, Maguindanao, Cotabato, South Cotabato, Lanao del Sur, Lanao del Norte, Sulu, Tawi-Tawi and Basilan City, pursuant to Proclamation No. 1081 dated September 21, 1972 and in my capacity as Commander-in-Chief of all Armed Forces of the Philippines:

1.    The Governor of the Central Bank of the Philippines is hereby designated as Acting Chairman of the Board of Directors of the Philippine Amanah Bank, created under Presidential Decree No. 264 dated August 2, 1973. 

2.    You are hereby ordered to accomplish for the following pre-organizational task in a period of not more than two months:

a.    To prepare and formulate the By-laws for the bank in implementation of its Charter subject to the approval of the Board of Directors.

b.    To prepare and finalize the organizational structure for the bank placing emphasis on the establishment of offices, creation of positions and its corresponding salaries and all other relative administrative matters.

c.    To prepare the loaning procedures for the bank to implement the provisions of Presidential Decree No. 264, section 4 thereof and with the end in view of absorbing and implementing all government financing and capital assistance program presently being undertaken by government financing institutions. The lending limits should be included in these procedures.

d.    To prepare the scheme of loaning assistance to the bank to supplement its capital from government financing institutions at nominal interest rates subject to agreement of the parties and made against the security of the Amanah Bank or any stockholder of the bank.

e.    To prepare the investment portfolio of the bank in implementation of Sec. 4, of its Charter allocating the bank resources to include an investment scheme for the direct purchase of crude oil, it refining and distribution of refined oil and its by-product in behalf of the government of the Republic of the Philippines, and for this purpose, the Governor of the Central Bank of the Philippines as Acting Chairman of the Philippine Amanah Bank is authorized to enter into contract with Governments or corporations in behalf of the government.

f.    To prepare and implement a program for the subscription of series "C" in the amount of thirty million pesos by citizens of the Philippines and domestic corporations and entities, in accordance with Sec. 3, sub-section (c) of the Amanah Bank Charter and series "D" in the amount of twenty million pesos by foreign nationals, corporations or associations in compliance with Sec. 3, sub-section (D) of said charter.

g.    To nominate the nine members of the Board of Directors in order to organize the Board of Directors in accordance with Sec. 6 of the Charter and to assign to designate Officer-in-Charge of the Amanah Bank, Mr. Tauti R. Derico, the preparation of recruitment and hiring policies and such other functions to implement the herein instructions.

Since 19.07.98.