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LETTER OF INSTRUCTIONS
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LETTER OF INSTRUCTIONS NO. 228
TO
: The Governor, Central Bank of the
Philippines
The President, Philippine National Bank
The Administrator, Agricultural Credit Administration
The Administrator, National Grains Authority
The Chairman, National Food and Agricultural Council
In view of the spiraling increases in the cost of fertilizer, farm chemicals, irrigation fees and other production inputs and in order to assure continued rice production under the government's Masagana 99 program, I hereby order and direct -
1.
The Governor of the Central bank of the
Philippines, the President of the Philippine National Bank and the
Administrator of the Agricultural Credit Administration to increase the
Masagana 99 loans ceiling from the present level of P900 per hectare to
P1,600 per hectare effective immediately.
2. The
Administrator of the National Grains Authority
to increase the support price for palay to P50 per cavan of 50 kilos.
3. The
National Food and Agricultural Council and
other government agencies involved to extend all assistance and
cooperation in the implementation of this Letter of Instructions.
DONE in the City of Manila, this 28th day of November, in the year of Our Lord, nineteen hundred and seventy-four.
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