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. 696 |
The Secretary, National Economic
Development Authority
The Governor, Central Bank of the Philippines
The Administrator, National Grains Authority
All Concerned
WHEREAS, the Budget Commission has appropriated in favor of the NGA the amount of two hundred million pesos (P200,000,000.00) for the warehousing needs of NGA under the 1975-77 National Budget, out of which amount only forty eight million (P48,000,000.00) have been released for the last three years.
WHEREAS, the NGA has advanced P95,000,000.00 out of its corporate funds to avoid disrupting the construction of its warehouses under the program.
WHEREAS, there is an abundance of grains as a result of government effort towards increased production, but the private sector has not appreciably increased its participation in the trading activity due to inadequacy of funds; and
WHEREAS, it is the policy of the government to encourage the active participation of the private sector in the grains industry.
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines, by virtue of the powers vested in me by the Constitution, do hereby order and decree that:
1.
The Budget Commission shall reimburse to the NGA the amount of
P95,000,000.00 representing the amount advanced by NGA out of its
corporate funds.
2. The
National Grains Authority shall release the amount of P95,000,000.00
million to the Central Bank subject to latter's approval, for release
to rural banks of good standing in the form of special time deposits
and which shall be made available on a short term commodity or working
capital loans to qualified and deserving grains businessmen.
The institutions concerned shall adopt such measures as may be necessary and appropriate to implement and achieve the objectives of these instructions.
All provisions of other letters of instructions inconsistent with this order are hereby repealed or modified accordingly.
This Letter of Instruction shall take effect immediately.
Done in the City of Manila, this 24th day of May, in the year of Our Lord, nineteen hundred and seventy-eight.
chanrobles virtual law library
Back to Main
Since 19.07.98.
