Consolidation of the Handling and Accounting of Proceeds of Foreign Loans in the Bureau of the Treasury
Letter of Instructions No. 109, issued on August 3, 1973, mandates the uniform handling and accounting of foreign loan proceeds by the Bureau of the Treasury in the Philippines. It requires all proceeds, whether in cash or in kind, to be recorded and released following existing rules. Additionally, any cash balances from recipient agencies must be transferred to the Bureau of the Treasury. The Secretary of Finance is tasked with coordinating with various governmental bodies to establish necessary auditing and budgeting regulations for these foreign loans.
Quick Answers
- What is Consolidation of the Handling and Accounting of Proceeds of Foreign Loans in the Bureau of the Treasury about?
- Letter of Instructions No. 109, issued on August 3, 1973, mandates the uniform handling and accounting of foreign loan proceeds by the Bureau of the Treasury in the Philippines. It requires all proceeds, whether in cash or in kind, to be recorded and released following existing rules. Additionally, any cash balances from recipient agencies must be transferred to the Bureau of the Treasury. The Secretary of Finance is tasked with coordinating with various governmental bodies to establish necessary auditing and budgeting regulations for these foreign loans.
- What type of law is Letter of Instructions No. 109?
- Consolidation of the Handling and Accounting of Proceeds of Foreign Loans in the Bureau of the Treasury (Letter of Instructions No. 109) is a Philippine Presidential Issuances enacted by the Congress of the Philippines.
- When was Consolidation of the Handling and Accounting of Proceeds of Foreign Loans in the Bureau of the Treasury enacted?
- Consolidation of the Handling and Accounting of Proceeds of Foreign Loans in the Bureau of the Treasury (Letter of Instructions No. 109) was enacted on Aug 3, 1973.
- What is the citation for Consolidation of the Handling and Accounting of Proceeds of Foreign Loans in the Bureau of the Treasury?
- Consolidation of the Handling and Accounting of Proceeds of Foreign Loans in the Bureau of the Treasury, Letter of Instructions No. 109, Aug 3, 1973 (Philippines)
Law Information
- Reference Number
- Letter of Instructions No. 109
- Date Enacted
- Category
- Presidential Issuances
- Subcategory
- Letters of Instructions
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
August 3, 1973
LETTER OF INSTRUCTIONS NO. 109
TO : The Secretary of Finance
In order to institute a uniform procedure in the handling and accounting of the proceeds of foreign loans as well as the servicing thereof and to reflect the said loan proceeds and the total expenditures incurred therefrom in the President's Annual Budget, you are hereby ordered to direct the consolidation of the handling and accounting of the proceeds of foreign loans (whether in cash or in kind), as well as the servicing thereof, in the Bureau of the Treasury, as follows:
Proceeds — All proceeds of foreign loans whether in cash or in kind shall be accounted for and recorded in the books of the Bureau of the Treasury, and shall be the subject of release in accordance with existing auditing, accounting and budgeting rules and regulations. All proceeds of foreign loans whether in cash or in kind that have already been availed of as of the effectivity of this Letter of Instructions by the various recipient agencies of the National Government, shall be taken up and recorded in the books of the Bureau of the Treasury and any cash balance in the account of the various recipient agencies concerned shall be transferred to the account of the Bureau of Treasury.
Servicing — The amounts provided to service the foreign loans incurred by bureaus, offices and agencies of the National Government; for and in the name of the Republic of the Philippines, shall henceforth be released to the Bureau of the Treasury. cd
You shall coordinate with the Auditor General and the Commissioner of the Budget in prescribing the necessary auditing, accounting and budgeting rules and regulations for the proper handling and recording of the proceeds of foreign loans as well as the servicing thereof.
You shall also coordinate with the Governor of the Central Bank of the Philippines, the Director-General of the National Economic and Development Authority and the Heads of the various departments, bureaus, offices and/or instrumentalities of the National Government who are recipients of foreign loans in gathering the data necessary for the handling and recording of such foreign loans. acd
DONE in the City of Manila, this 3rd day of August, in the year of Our Lord, Nineteen Hundred and Seventy-Three.
Cite This Law
Consolidation of the Handling and Accounting of Proceeds of Foreign Loans in the Bureau of the Treasury, Letter of Instructions No. 109, Aug 3, 1973 (Philippines)
Consolidation of the Handling and Accounting of Proceeds of Foreign Loans in the Bureau of the Treasury, Letter of Instructions No. 109 (Phil. 1973)
Related Laws
- Strengthening the Mechanism for the Evaluation, etc. of Projects Proposed for Foreign FinancingLetter of Instructions No. 592 • Sep 5, 1977 • Presidential Issuances
- Full Utilization of All Proceeds of the Economic Support FundLetter of Instructions No. 1484 • Dec 10, 1985 • Presidential Issuances
- Budgetary Implications of Foreign-Assisted ProjectsLetter of Instructions No. 369 • Jan 30, 1976 • Presidential Issuances
- Acceleration of the Rationalization and Integration of All Cargo-Handling Activities and Port-Related Services in Major PortsLetter of Instructions No. 1005-A • Apr 11, 1980 • Presidential Issuances
- Early Settlement of Liabilities on Withholding Tax on Interest Paid on Foreign LoansLetter of Instructions No. 192 • Jun 7, 1974 • Presidential Issuances
- Implementing Rules and Regulations of R.A. No. 10752Committee for the Preparation of the IRR of R.A. 10752 • May 25, 2016 • Implementing Rules and Regulations
Browse More Presidential Issuances
Explore other laws in the Presidential Issuances category.
View All Presidential IssuancesNeed Help Understanding This Law?
Ask our AI assistant to explain provisions, implications, or related laws.
Ask AI About This Law