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LETTER OF INSTRUCTIONS
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LETTER OF INSTRUCTIONS NO. 158
TO
: All Heads of Departments, Offices and
Agencies of the Government
In view of the necessity of effecting a rational and well-coordinated government borrowing strategy and thereby ensure that such borrowings, aside from meeting valid requirements of the government borrowers concerned, can be a positive instrument in further enhancing the country's credit standing and credibility abroad, in strengthening the government negotiating posture and in maintaining the integrity of the fiscal commitments of the Government and the county's international reserves, it is hereby ordered that:
1.
All foreign borrowing proposals of the Government,
Government Agencies and government financial institutions shall be
submitted to the Central Bank for approval in principle by the Monetary
Board as to purpose and credit terms among others, before commencement
of actual negotiations.
2. Actual
negotiations for such foreign credits
and/or accommodations shall be conducted by the Secretary of
Finance and/or Central Bank Governor of their duly
authorized representatives of the Government, government agencies
and government financial institutions or entities concerned.
The Secretary of Finance and the Governor of the Central Bank are hereby directed to coordinate in promulgating the implementing rules and regulations as are necessary to give effect to this Letter of Instructions.
Done in the City of Manila, this 21st day of January, in the year of Our Lord, nineteen hundred and seventy-four.
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