Creation of P50 Million Special Loan Fund in the Ministry of Agriculture and Food
Letter of Instructions No. 1485, issued on November 21, 1985, directs the Ministry of Budget and Management to allocate P50 million to the Ministry of Agriculture and Food. This special loan fund is intended to enhance the financial capacity of Cooperative Rural Banks, which effectively provide credit to small farmers. The fund aims to support agricultural production and aid economic recovery, particularly in the face of natural calamities that impact small farming operations. The National Federation of Cooperative Rural Banks, Inc. (BANGKOOP) will administer the fund to ensure timely access to credit for farmers. This instruction takes effect immediately.
Law Information
- Reference Number
- Letter of Instructions No. 1485
- Date Enacted
- Category
- Presidential Issuances
- Subcategory
- Letters of Instructions
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
November 21, 1985
LETTER OF INSTRUCTIONS NO. 1485
| TO | : | The Ministry of Budget and Management; |
| The Ministry of Agriculture and Food | ||
| SUBJECT | : | Creating a P50 million Special Loan Fund in the Ministry of Agriculture and Food to be coursed through Cooperative Rural Banks |
WHEREAS, Cooperative Rural Banks have proved themselves effective vehicles in the efficient and adequate delivery of credit to the small farmers;
WHEREAS, there is a need to increase the financial capabilities of cooperative rural banks to finance agricultural production and thus help accelerate economic recovery; cdt
WHEREAS, our country as often times visited by typhoons, drought and other natural calamities which adversely affect our economy, specially small farmers; acd
NOW, THEREFORE, premises considered, the Ministry of Budget and Management if hereby directed to transfer from any available source to the Ministry of Agriculture and Food the sum of P50 Million as a special loan fund. The fund shall be administered by the National Federation of Cooperative Rural Banks, Inc., (BANGKOOP) for the purpose of assisting small farmers secure credit at the most reasonable time.
This Instruction shall take effect immediately.
DONE on this 21st day of November, 1985, at Malacañang, Manila.
Cite This Law
Creation of P50 Million Special Loan Fund in the Ministry of Agriculture and Food, Letter of Instructions No. 1485, Nov 21, 1985 (Philippines)
Creation of P50 Million Special Loan Fund in the Ministry of Agriculture and Food, Letter of Instructions No. 1485 (Phil. 1985)
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