Outlining the Exercise of Administrative Supervision Over Certain Government Financial Institutions

December 12, 2003 DOF DEPARTMENT ORDER NO . 047-03 OUTLINING THE EXERCISE OF ADMINISTRATIVE SUPERVISION OVER CERTAIN GOVERNMENT FINANCIAL INSTITUTIONS WHEREAS, pursuant to Section 4 of Executive Order No. 211 dated February 15, 2000, the administrative supervision and policy and program coordination over certain government financial institutions (GFIs) were transferred to the Department of Finance; WHEREAS, Section 7 (7) Chapter 2 Book IV of Executive Order No. 292, otherwise known as the Revised Administrative Code of 1987 (the "Code"), vests the Secretary of Finance with jurisdiction over all bureaus, offices, agencies and corporations under the Department as provided by law and in accordance with the applicable relationships as specified in Chapters 7, 8 and 9 thereof; WHEREAS, the Secretary of Finance has the power of supervision and control over all bureaus, offices and agencies under him as provided under Section 39, Chapter 8, Book IV of the Code and this power includes the power of administrative supervision defined under Section 38 (2) of the Code; WHEREAS, Section 7 (8), Chapter 2, Book IV of the Code authorizes the Secretary of Finance to delegate authority to officers and employees under his direction to the extent necessary for the efficient and effective implementation of programs in accordance with established policies and standards; NOW THEREFORE, considering the foregoing and in the exigencies of public service, it is hereby ordered: SECTION 1. Exercise of Administrative Supervision Over GFIs . The following GFIs shall, until declared otherwise, be directly under the effective administrative supervision of the Secretary of Finance: CB Board of Liquidators Land Bank of the Philippines Philippine Deposit Insurance Corporation Trade and Investment Development Corporation of the Philippines SECTION 2. Designation and Delegation of Authority . In the event of the absence or non-availability of the Secretary of Finance, Undersecretary Inocencio P. Ferrer Jr. and Undersecretary Nieves L. Osorio are hereby directed to be the official representatives of the Secretary of Finance to the Board of Directors of the Land Bank of the Philippines, with the authority to attend its board meetings in case the Secretary of Finance's primary commitments will not allow her to be present. SECTION 3. Other Financial Institutions . Matters pertaining to the Philippine National Bank and United Coconut Planters Bank that concern the Department shall be under the direct supervision of the Secretary of Finance. SECTION 4. Repealing Clause . All orders and other issuances or parts thereof that are inconsistent with the provisions of this Department Order are hereby revoked or modified accordingly. Department Order No. 46-03 dated November 21, 2003 is hereby revoked in its entirety. SECTION 5. Effectivity . This Department Order shall take effect immediately. HcSDIE (SGD.) JUANITA D. AMATONG Acting Secretary