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LETTER OF INSTRUCTIONS
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LETTER OF INSTRUCTIONS NO. 411
TO
: The President, Philippine National Bank
The Chairman, Development Bank of the Philippines
The General Manager, Government Service Insurance
System
The Administrator, Social Security System
The President, Land Bank of the Philippines
The President, Philippine Amanah Bank and Managing Heads of All
Government owned or controlled Financial and Banking Institutions
In order to generate funds necessary to mitigate the financial impact of natural calamities such as typhoons and floods, and to remedy the recurring problem of non-payment or irregularity of amortization payments by borrowers from said institutions, which hampers and impairs their capability to assist the government in this program to rehabilitate and alleviate the sufferings of victims of the same, the Managing Heads of the abovenamed Government Banking and Financing Institutions are hereby directed to:
(1)
To intensify the collection of arrearages of
borrowers of the said institutions applying in full force and effect
the provisions of Presidential Decree No. 385 dated January 31, 1974;
and
(2) To submit
to the President a list of their
respective delinquent borrowers indicating the amount and number of
unpaid monthly and/or annual amortizations.
The aforesaid officials are further directed to use all possible means to disseminate this Letter of Instructions to borrowers of their respective institutions.
Done in the City of Manila, this 29th day of May, in the year of Our Lord, nineteen hundred and seventy-six.
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Since 19.07.98.
