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LETTER OF INSTRUCTIONS
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LETTER OF INSTRUCTIONS NO. 219
TO
: The Secretary of Finance
The Director General
National Economic and Development Authority
The Governor, Central Bank
The Chairman
Development Bank of the Philippines
The Chairman
Philippine National Bank
National Investment and Development Corporation
The General Manager
Government Service and Insurance System
The Administrator
Social Security System
In order to achieve the objective of the state in establishing a self-reliant defense posture which requires the immediate prosecution of national defense projects for the acquisition or production of military material, the following guidelines shall be observed in the implementation of Presidential Decree No. 415 dated March 19, 1974:
1.
The government banks and financial institutions
enumerated above shall waive the payment of their normal banking and
financial charges such as commissions, guaranty fees and other similar
charges, but excluding actual expenses incurred, whenever these
institutions participate in any loan, credit or indebtedness including
suppliers' credit and deferred payment arrangements that may be entered
into by the Republic of the Philippines pursuant to Sec. 3 of
Presidential Decree No. 415.
2. The
Secretary of Finance shall exempt from the
payment of the required documentary and science stamps transactions
between the Republic of the Philippines and these government banks and
financial institutions involving any loan, credit or indebtedness
including suppliers' credits and deferred payment arrangements pursuant
to Sec. 3 of Presidential Decree No. 415.
Done in the City of Manila this 14th day of October, in the year of our Lord, nineteen hundred and seventy-four.
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Since 19.07.98.
