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LETTER OF INSTRUCTIONS
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LETTER OF INSTRUCTIONS NO. 633 |
The Secretary of Finance
The President Philippine National Bank
The Governor Land Bank of the Philippines
The Governor Development Bank of the Philippines
Under the Rural Roads Program now being implemented by the Department of Local Government and Community Development by virtue of a Loan Agreement between the Republic of the Philippines and the United States of America, the proceeds of this rural development loan shall be utilized for the acquisition and purchase of brand new construction and/or maintenance equipment to be allocated, on a programmed-amortization scheme to participating provinces, and principally aimed at accelerating infrastructure development thereat.
In line therefore, with my enunciated policy of country-side development, through a number of projects such as expanded credit and technological support to agriculture, compact farming, rural irrigation and feeder roads; and in order to provide depressed and lagging areas with a package of basic infrastructure inputs, there is need for immediate national government assistance to upgrade equipment capacity of local governments for project implementation, upon which accelerated infrastructure development is principally anchored on.
In view of the foregoing, it is hereby directed that:
1.
The Philippine National Bank, the Development Bank of the Philippines,
and the Land Bank of the Philippines, devise a LOCAL GOVERNMENT
EQUIPMENT ACQUISITION LOAN PROGRAM with concessionary and liberal
amortization schemes for provinces, cities, municipalities, which are
not beneficiaries of the proceeds of the rural development loan of the
Rural Roads Program.
2. The Secretary of Local
Government and Community Development and the Secretary National
Finance, in coordination with the Philippine National Bank, the
Development Bank of the Philippines, and the Land Bank of the
Philippines, shall immediately formulate the guideline and procedures
that they may deem necessary in carrying out effectively their
respective areas of responsibility in the proper implementation of this
Letter of instruction.
Done in the City of Manila, this 29th day of November, in the year of Our Lord, nineteen hundred and seventy-seven.
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