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LETTER OF INSTRUCTIONS
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LETTER OF INSTRUCTIONS NO. 185
TO
: The Secretary of Finance
The President, Philippine National Bank
The Chairman, Development Bank of the Philippines
The Administrator, National Grains Authority
All Concerned
WHEREAS, it is the avowed policy of the administration to promote and intensify the production and processing of crops, more particularly rice, corn and other cereals which are the staple food of the people;
WHEREAS, there are existing up-country drying and storage facilities, otherwise known as butler up-country warehouses which were previously imported by the defunct Rice and Corn Administration, financed by the Philippine National Bank and guaranteed by the Development Bank of the Philippines, which up to now are not fully utilized;
WHEREAS, the non-settlement of the obligation of the defunct Rice and Corn Administration with the Philippine National Bank has affected the operations of said facilities;
WHEREAS, in order to remove a major stumbling block in placing said facilities into maximum economic use;
NOW, THEREFORE, in order to facilitate the full utilization of these butler up-country warehouses, I, President Ferdinand E. Marcos hereby direct:
1.
That the national government thru the Secretary of
Finance assume whatever outstanding obligations the defunct Rice and
Corn Administration had incurred with the Philippine National Bank, the
Development Bank of the Philippines, and/or other persons or entities
as regards to/or in relation to the importation, storage and
installation of said butler up-country warehouses under similar mode of
payment or settlement made as in other obligations of the defunct Rice
and Corn Administration with the Philippine National Bank and other
institutions as envisioned by Presidential Decree No. 4;
2. That
henceforth, the ownership and administration
of said facilities are hereby transferred to the National Grains
Authority, being the most appropriate government agency concerned; and
for this purpose said agency is hereby instructed and empowered to
devise ways and means to put these facilities into economic use
including the relocation, installation or rehabilitation either by
itself or through private end-users, or jointly as the authority may
determine; and
3. That for
this purpose and for the development of
other facilities of the National Grains Authority, the Development Bank
of the Philippines shall give preferential financial support and shall
make available to the authority and private corporations and
individuals, its funds as well as funds secured from the
IBRD.
Done in the City of Manila, this 13th day of May, in the year of Our Lord, nineteen hundred and seventy-four.
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