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LETTER OF INSTRUCTIONS
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LETTER OF INSTRUCTIONS NO. 864 -
DIRECTING AN ASSESSMENT OF MONETARY AND CREDIT POLICY |
The Minister of Economic Planning
The Minister of Agriculture
The Minister of Natural Resources
The Minister of Finance
The Minister of the Budget
The Director, Technical Board on Agricultural Credit
WHEREAS, approved and forthcoming increases in the price of imported petroleum will affect both the external and internal sectors of the Philippine economy.
WHEREAS, adjustments have to be made in the priority structure of the development plan and consequently in Government monetary and fiscal policy;
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines, do hereby Order and Instruct:
1.
The Monetary Board, in coordination with the National Economic and
Development Authority, the Ministry of Finance, and the Ministry of the
Budget, shall conduct an assessment of the Philippine monetary
situation and the effectiveness with which it supports the objectives
of the national development plan;
2. The study
shall specify the quantitative objectives of present monetary policy
and shall submit recommendations on the following: (a) the magnitude
and rate of growth of the various components of money supply and
domestic credit, (b) interest rates, (c) Central Bank open market
operations, (d) rediscount rates, and (e) policy on the development of
the capital and monetary market.
3. The study
shall identify and recommend on monetary measures needed to support
changes in the development plan necessary to respond to the energy
crisis, with particular mention of credit cost and availability for the
following:
a.
Masagana 99 and other existing agricultural credit programs;
b. new areas
of agricultural emphasis, particularly cassava production, legumes,
fisheries, and cattle and other farm animals;
c. ocean
fishery;
d. secondary
mortgage market for land development and private housing construction,
with a shift of BLISS funding and implementation to the private sector;
e. export
financing; and
f. long term
credit to support the implementation of the industrial and utilities
priority plans;
5. The Ministry of Agriculture, the Ministry of Natural Resources and other agencies concerned, as well as the Technical Board on Agricultural Credit shall assist in the aspects of the work related to special financing programs.
Done in the City of Manila, this 23rd day of May, nineteen hundred and seventy-nine.
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