ChanRobles Virtual law Library
PHILIPPINE LAWS, STATUTES & CODES
A collection of Philippine laws, statutes and codes not included or cited in the main indices of the Chan Robles Virtual Law Library.
Search for
www.chanrobles.com
:
LETTER OF INSTRUCTIONS
PLEASE CLICK HERE FOR THE LATEST ➔ PHILIPPINE LAWS, STATUTES & CODES
|
|
|
|
|
LETTER OF INSTRUCTIONS NO. 451 |
The Secretary of Industry
The Director-General, NEDA
The Acting Commissioner of the Budget
The Governor of the Central Bank
All Heads of Departments, Bureaus and Offices of the
National Government
All Heads of Government Owned or Controlled
Corporations
SUBJECT : Timing of major national projects
Various agencies of government are engaged in the identification and development of major projects in support of development goals. These include the copper smelter, steel mill, petro-chemical complex, fertilizer plant, power projects, sports, hospital care and oil exploration, and others. These will call for government action in terms of foreign borrowings, infrastructure and utilities support, and equity investment to implementing corporate bodies. This will in turn affect the international reserve and levels of foreign borrowings, domestic credit, and budgetary expenditures.
For purposes of ensuring integrated and deliberate action on the timing of major national projects and to ensure that the economy and government can support the required levels of investment, credit, foreign borrowing, and international payments, the following measures are hereby directed:
1.
A permanent committee is created to conduct a
continuing study of the financial implications and the timetable of
major national projects, consisting of the Secretary of Finance
(Chairman), the Secretary of Industry, the NEDA Director-General, the
Central Bank Governor and the Commissioner of the Budget (Secretary).
2. The
Committee is directed to evaluate the fiscal,
monetary, and Balance of Payments implications of major national
projects and to recommend to the President on the timetable of
implementation of these projects. A working definition shall be adopted
to include in the scope of the Committee's concern those projects of
such magnitude as to significantly affect the budget, domestic and
foreign borrowing ceilings, money supplies, the infrastructure program
and the international reserve. An annual updating of the recommended
timetable shall be submitted.
3. The
Committee is empowered to conduct hearings and
otherwise evaluate project proposals of government departments and
agencies and of government owned and controlled corporations.
4. All
government agencies and corporations are
directed to extend all possible assistance and cooperation in order to
achieve the purpose of integrated project identification and
development.
5. The Central
Bank shall provide technical and other
necessary support to the Committee, principally through its Department
of Economic Research and its Management of External Debt and Investment
Accounts Department.
Done in the City of Manila, this 22nd day of August in the year of Our Lord, nineteen hundred and seventy-six.
chanrobles virtual law library
Back to Main
Since 19.07.98.
