Establishment of a Local Government Equipment Acquisition Loan Program
Letter of Instructions No. 633, issued on November 29, 1977, mandates the Philippine National Bank, Development Bank of the Philippines, and Land Bank of the Philippines to establish a Local Government Equipment Acquisition Loan Program. This program aims to provide concessional loans for the acquisition of construction and maintenance equipment for local governments not benefiting from a rural development loan agreement with the United States. The initiative is part of a broader strategy to enhance infrastructure development in depressed areas through improved local government capacity. The Secretaries of Local Government and Finance are tasked with formulating necessary guidelines for effective implementation.
Quick Answers
- What is Establishment of a Local Government Equipment Acquisition Loan Program about?
- Letter of Instructions No. 633, issued on November 29, 1977, mandates the Philippine National Bank, Development Bank of the Philippines, and Land Bank of the Philippines to establish a Local Government Equipment Acquisition Loan Program. This program aims to provide concessional loans for the acquisition of construction and maintenance equipment for local governments not benefiting from a rural development loan agreement with the United States. The initiative is part of a broader strategy to enhance infrastructure development in depressed areas through improved local government capacity. The Secretaries of Local Government and Finance are tasked with formulating necessary guidelines for effective implementation.
- What type of law is Letter of Instructions No. 633?
- Establishment of a Local Government Equipment Acquisition Loan Program (Letter of Instructions No. 633) is a Philippine Presidential Issuances enacted by the Congress of the Philippines.
- When was Establishment of a Local Government Equipment Acquisition Loan Program enacted?
- Establishment of a Local Government Equipment Acquisition Loan Program (Letter of Instructions No. 633) was enacted on Nov 29, 1977.
- What is the citation for Establishment of a Local Government Equipment Acquisition Loan Program?
- Establishment of a Local Government Equipment Acquisition Loan Program, Letter of Instructions No. 633, Nov 29, 1977 (Philippines)
Law Information
- Reference Number
- Letter of Instructions No. 633
- Date Enacted
- Category
- Presidential Issuances
- Subcategory
- Letters of Instructions
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
November 29, 1977
LETTER OF INSTRUCTIONS NO. 633
| TO | : | The Secretary of Local Government and Community Development |
| The Secretary of Finance | ||
| The President Philippine National Bank | ||
| The Governor Land Bank of the Philippines | ||
| The Governor Development Bank of the Philippines |
Under the Rural Roads Program now being implemented by the Department of Local Government and Community Development by virtue of a Loan Agreement between the Republic of the Philippines and the United States of America, the proceeds of this rural development loan shall be utilized for the acquisition and purchase of brand new construction and/or maintenance equipment to be allocated, on a programmed-amortization scheme to participating provinces, and principally aimed at accelerating infrastructure development thereat. aisa dc
In line therefore, with my enunciated policy of country-side development, through a number of projects such as expanded credit and technological support to agriculture, compact farming, rural irrigation and feeder roads; and in order to provide depressed and lagging areas with a package of basic infrastructure inputs, there is need for immediate national government assistance to upgrade equipment capacity of local governments for project implementation, upon which accelerated infrastructure development is principally anchored on.
In view of the foregoing, it is hereby directed that:
1. The Philippine National Bank, the Development Bank of the Philippines, and the Land Bank of the Philippines, devise a LOCAL GOVERNMENT EQUIPMENT ACQUISITION LOAN PROGRAM with concessionary and liberal amortization schemes for provinces, cities, municipalities, which are not beneficiaries of the proceeds of the rural development loan of the Rural Roads Program. acd
2. The Secretary of Local Government and Community Development and the Secretary of Finance, in coordination with the Philippine National Bank, the Development Bank of the Philippines, and the Land Bank of the Philippines, shall immediately formulate the guidelines and procedures that they may deem necessary in carrying out effectively their respective areas of responsibility in the proper implementation of this Letter of instruction. cd
DONE in the City of Manila, this 29th day of November, in the year of Our Lord, Nineteen Hundred and Seventy-Seven.
Cite This Law
Establishment of a Local Government Equipment Acquisition Loan Program, Letter of Instructions No. 633, Nov 29, 1977 (Philippines)
Establishment of a Local Government Equipment Acquisition Loan Program, Letter of Instructions No. 633 (Phil. 1977)
Related Laws
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