Budgetary Implications of Foreign-Assisted Projects
Letter of Instructions No. 369, issued on January 30, 1976, by President Ferdinand E. Marcos, addresses the budgetary implications of foreign-assisted projects in the Philippines. It emphasizes the need for careful management of peso counterpart requirements associated with foreign loans, ensuring they do not exceed budget ceilings or disrupt fund allocations. The directive mandates that all peso commitments linked to these projects must receive prior approval from the Budget Commission, which will follow guidelines established by the President. Additionally, government agencies and corporations are required to report their existing budgetary commitments related to foreign assistance to the Budget Commission.
Law Information
- Reference Number
- Letter of Instructions No. 369
- Date Enacted
- Category
- Presidential Issuances
- Subcategory
- Letters of Instructions
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
January 30, 1976
LETTER OF INSTRUCTIONS NO. 369
| TO | : | The Secretary of Finance |
| The Secretary of Economic Planning | ||
| The Commissioner of the Budget | ||
| All Heads of Departments, Bureaus and Agencies of the Government | ||
| SUBJECT | : | Budgetary Implications of Foreign-Assisted Projects |
WHEREAS, foreign loans are sometimes contracted with peso counterpart requirements which exceed budget ceilings or which otherwise may unintentionally alter the functional and priority distribution of funds;
WHEREAS, LOI No. 109, governs the handling, accounting and servicing of foreign loans and needs to be complemented by a mechanism for ensuring budgetary provision for peso commitments;
WHEREAS, foreign loan negotiations should consciously take into account the peso budget implications, in order to ensure optimum allocation of limited available financial resources and prompt budgetary provision for international commitments;
NOW, THEREFORE, I, FERDINAND E. MARCOS, do hereby order and direct:
1. Peso counterpart commitments called for by foreign-assisted projects of national and local government units and of government corporations, be made with prior concurrence of the Budget Commission, which shall act in accordance with guidelines issued by the President; acd
2. The Budget Commission to include in the program of expenditure, the budgetary commitments provided for in foreign loan/assisted projects provided that such commitments are made in accordance with the above-mentioned procedure;
3. All agencies and government corporations concerned to submit to the Budget Commission a report on the existing budgetary commitments of foreign-assisted projects. cdt
DONE in the City of Manila, this 30th day of January, in the year of Our Lord, Nineteen Hundred and Seventy-Six.
Cite This Law
Budgetary Implications of Foreign-Assisted Projects, Letter of Instructions No. 369, Jan 30, 1976 (Philippines)
Budgetary Implications of Foreign-Assisted Projects, Letter of Instructions No. 369 (Phil. 1976)
Related Laws
- Strengthening the Mechanism for the Evaluation, etc. of Projects Proposed for Foreign FinancingLetter of Instructions No. 592 • Sep 5, 1977 • Presidential Issuances
- Guidelines for Project Loan Negotiations and Packaging of Government Foreign-Assisted Infrastructure ProjectsExecutive Order No. 278 • Feb 2, 2004 • Presidential Issuances
- Timing of Major National ProjectsLetter of Instructions No. 451 • Aug 22, 1976 • Presidential Issuances
- Automatic Return to NEDA of Foreign-assisted Projects with Over 10% Cost OverrunsExecutive Order No. 744 • Jul 24, 2008 • Presidential Issuances
- Creating a Special Revolving Fund to Apply Foreign Assisted Projects to Local GovernmentsPresidential Decree No. 1914 • Mar 29, 1984 • Presidential Issuances
- Effective Imposition of Budgetary Reserves and Economy Measures in Government OperationsLetter of Instructions No. 1098 • Jan 5, 1981 • Presidential Issuances
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