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LETTER OF INSTRUCTIONS
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LETTER OF INSTRUCTIONS NO. 279
TO
: The Chairman
Philippine National Bank
The Chairman
Development Bank of the Philippines
The President
Land Bank of the Philippines
The Administrator
Social Security System
The General Manager
Government Service Insurance System
In line with the program of the Government to promote economic advancement, a government-owned bank is proposed to be organized in the State of California, U.S.A., to be known as the Philippine Bank of California.
The objectives sought to be achieved by the proposed bank are as follows:
1.
To tap the deposit potentials of the Filipino
community in that area;
2. To
facilitate trade between domestic and West
Coast firms;
3. To allow
greater participation of the Philippine
in international banking operations;
4. To
establish in the area a financial entity with a
Filipino identity and help develop solidarity between Filipinos here
and abroad;
5. To enhance
our country's image internationally.
To effectively implement the foregoing plan, the Philippine National Bank, the Development Bank of the Philippines, the Land Bank of the Philippines, the Social Security System, and the Government Service Insurance System are hereby directed to invest, subscribe to and pay it twenty percent (20%) each of the proposed initial authorized capital of US$5 million of the Philippine Bank of California.
These government financial institutions are further directed to pay their subscriptions to the Philippine National Bank which is charged with the establishment and organization of the proposed bank.
Done in the City of Manila, this 13th day of May, in the year of Our Lord, nineteen hundred and seventy-five.
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