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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.
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LETTER OF INSTRUCTIONS
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LETTER OF INSTRUCTIONS NO. 965 -
REQUIRING THAT ALL LETTERS OF CREDIT TO BE ISSUED BY FOREIGN-BASED
CONTRACTORS IN FAVOR OF CONTRACTING AGENCIES AND INSTRUMENTALITIES OF
THE GOVERNMENT, LOCAL GOVERNMENTS AND GOVERNMENT-OWNED OR CONTROLLED
CORPORATIONS, BE OPENED WITH A DOMESTIC BANK |
In order to ensure that the interest of the government is amply protected in contracts entered into by its agencies and instrumentalities and by local governments and government-owned or controlled corporations, where such contracts provide for the issuance of a letter of credit to guarantee the advance payment made by said government agencies, instrumentalities, corporations and local governments to foreign-based contractors, it is hereby required that all such letters of credit to be issued by said foreign-based contractors in favor of the contracting government agency/instrumentality/ corporation or local government, be opened with a domestic bank, preferably the Philippine National Bank.
All heads of ministries, bureaus, offices, agencies and instrumentalities of the government, local governments and government-owned or controlled corporations are hereby enjoined to strictly enforce the above requirement on all pertinent contracts entered into by their respective offices.
Done in the City of Manila, this 28 day of November, in the year of Our Lord, nineteen hundred and seventy-nine.
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Since 19.07.98.
