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LETTER OF INSTRUCTIONS
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LETTER OF INSTRUCTIONS NO. 618 |
Central Bank of the Philippines
The Secretary
Department of Local Government and Community
Development
The Secretary
Department of Finance
The Director-General
National Economic Development Authority
The Commissioner of the Budget
WHEREAS, in line with the objectives of fostering the growth of cooperatives, it is necessary for the Government to provide more massive credit financing for the development and extension of their agricultural and business activities;
WHEREAS, to achieve the above purpose, it is necessary and desirable to organize and establish a Bank of Cooperatives;
NOW, THEREFORE, you are hereby directed as follows:
1.
To constitute yourselves into a Committee to study ways and means to
establish a Bank for Cooperatives to finance the credit requirements of
the various cooperatives in the country;
2. To utilize
the Cooperative Development Loan Fund (CDLF) created under Sec. 6 of
Presidential Decree No. 175 as initial capital of the said Bank of
Cooperatives;
3. To augment
the bank's capital by such additional sums as may be necessary so as to
increase it to One Hundred Million (P100,000,000.00) Pesos such
additional sums to be appropriated in the General Appropriations Act,
every year.
4. To submit
to the President your findings and recommendations within thirty (30)
days from the promulgation of the Letter of Instructions.
Done in the City of Manila, this 21st day of October, in the Year of Our Lord, Nineteen Hundred and Seventy-seven.
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