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LETTER OF INSTRUCTIONS
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LETTER OF INSTRUCTIONS NO. 323
TO
: The Secretary
Department of Agriculture
The Governor
Central Bank of the Philippines
The President
Philippine National Bank
The Governor
Development Bank of the Philippines
Feedmillers and all those involved in the poultry
and hog industries
WHEREAS, it is the policy of government to support small and medium-size entrepreneurial activities;
WHEREAS, many of our poultry and hog raisers are experiencing difficulties in repaying their outstanding loans with financial institutions due to the distressed existing conditions in their industries;
WHEREAS, the same raisers are unable to recover from their financial losses due to lack of credit;
WHEREAS, small feedmills are experiencing difficulties financing their raw material requirements;
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Republic of the Philippines, do hereby order the following:
1.
The Central Bank (CB), the Philippine National
Bank (PNB), and the Development Bank of the Philippines, (DBP) shall
provide for the refinancing, and restructuring of existing loans of
distressed poultry and hog raisers, within fifteen (15) days after the
signing of this LOI;
2. The
Presidential Committee on Agricultural Credit
(PCAC) shall revise the program of financing for small and medium
industries, including feedmills, preferably giving loans on a
supervised credit basis as far as individual cooperatives are
concerned. PCAC shall utilize the appropriate NEDA-IGLF funds and other
available funds.
This Letter of Instruction shall take effect immediately.
DONE in the City of Manila, this 29th day of September, in the year of our Lord, Nineteen Hundred and Seventy-Five.
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