The Minister, Office of Budget and Development
        The Chairman, Commission on Audit
        The National Treasurer of the Philippines
        The Executive Director, Economic Support Fund Secretariat
        All Others Concerned

1.    The following policies and guidelines for the disbursements of ESF proceeds are hereby established:  

a)    Joint Circular No. 1-85 dated September 19, 1985 of the Commission on Audit and the ESF Secretariat, prescribing procedures on the release and utilization of the funds as administered by the ESF Council and the ESF Secretariat, including the accounting treatment thereof, pursuant to Letter of Instructions No. 1379 dated February 5, 1984, including subsequent amendments or issuances related thereto, shall be strictly complied with.

b)    The interest earnings of ESF proceeds in a Special Account of the Bureau of Treasury shall be utilized as follows: (1) Sixty (60%) percent of the total interest earnings to additionally fund the implementation of ESF projects, including newly identified projects, variation orders and price escalations, in accordance with such criteria as may be approved by the ESF Council, provided that such projects shall be approved by the President prior to their implementation; (2) Forty (40%) percent to support the operations of the ESF Secretariat, including personnel maintenance and operating expenditures insurance premiums and other contingency requirements of completed ESF projects.

(c)    The National Treasurer of the Philippines shall submit to the President, through the ESF Secretariat, a periodic report on all ESF remittances, including the total qualifications and requirements for the teaching profession, including both teachers and administrators, with the aim of upgrading civil service and position classification standards for teaching and educational administration;

Effectivity

Since 19.07.98.