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LETTER OF INSTRUCTIONS
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LETTER OF INSTRUCTIONS NO. 462 |
The
Honorable The Commissioner of the Budget All Others Concerned WHEREAS, the Batasang Bayan in first session assembled has approved Resolution No. 5, recommending national revenue, expenditure and debt targets for Calendar Year 1977, declaring: "WHEREAS,
the national budget is a key government instrument for the attainment
of national development objectives; WHEREAS, growth objectives call for a balance among social services, economic development, peace and order, and the other sectors of government endeavor: NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines, by virtue of the powers vested in me by the Constitution, and in accordance with the recommendations of the Batasang Bayan, hereby prescribe the following expenditures and debt target guidelines and policies for Calendar Year 1977; 1.
Budgetary Priorities. Agrarian reform, food
production, and community services shall continue to be given primary
emphasis in the determination of budgetary levels. a.
Self-reliance in security and international
relationships; 2. Budgetary Levels. The determination of revenue, expenditure and debt targets shall be in accordance with the following general policies: a.
Revenues shall be targeted at P23.9 billion or 16%
of Gross National Product; 3. Functional Allocation of Expenditures. The determination of agency ceilings by departments, bureaus, and other offices, shall be undertaken such as to observe as closely as possible a function allocation pattern that considers the complementary role of government and the private sector and of fiscal and credit programs and which covers both current operating and capital outlays:
Amount
Percent
Done in the City of Manila, this 22nd day of September, in the year of Our Lord, nineteen hundred and seventy-six. chanrobles virtual law library Back to Main Since 19.07.98.
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