Publishing Memorandum Circular No. 76 of the Office of the President Dated September 19, 1966, "Prescribing the Policy Regarding the Grant of Budgetary Aid to Local Governments"

October 25, 1966 REVENUE MEMORANDUM CIRCULAR NO. 50-66 SUBJECT : Publishing Memorandum Circular No. 76 of the Office of the President Dated September 19, 1966, "Prescribing the Policy Regarding the Grant of Budgetary Aid to Local Governments" TO : All Internal Revenue Officers and Others Concerned There is quoted hereinbelow Memorandum Circular No. 76 of the Office of the President of the Philippines dated September 19, 1966, which prescribes the policy regarding the grant of budgetary aid to local governments: "MEMORANDUM CIRCULAR NO. 76 "PRESCRIBING THE POLICY REGARDING THE GRANT OF BUDGETARY AID TO LOCAL GOVERNMENTS. "It has been observed that some provincial, city and municipal governments have been habitually depending on budgetary aids from the National Government to finance partly their yearly operational expenses. As a result of this practice, deficits are usually incurred by the local governments concerned whenever the anticipated aid is not released by the National Government for lack of funds. "In order to prevent the incurrence of deficits, provincial, city and municipal governments are hereby advised not to rely on budgetary aids from the National Government in estimating their income to cover operational requirements. For, as a general policy, no such budgetary aids shall be granted in view of the measure of fiscal restraint being undertaken by the National Government. "By authority of the President: "(SGD.) RAFAEL M. SALAS Executive Secretary" "Manila, September 19, 1966 (SGD.) MISAEL P. VERA Commissioner of Internal Revenue