Establishment of a Program of Guarantee Facilities for Philippine Construction Contractors for Middle East
Letter of Instructions No. 1218, issued on March 26, 1982, directs the Governor of the Central Bank of the Philippines and the Chairman of the Development Bank of the Philippines to create a guarantee program for Philippine construction and service contractors targeting the Middle East market. The program aims to enhance existing facilities by implementing a system of accreditation for contractors based on their credit-worthiness and capability. Accredited contractors will gain immediate access to various guarantee facilities, including bid bonds and performance guarantees. The program's management will be centralized under a designated agency, with operations in Saudi Arabia coordinated through an extension office at the Philippine Embassy. A report on the program's implementation is required within thirty days.
Law Information
- Reference Number
- Letter of Instructions No. 1218
- Date Enacted
- Category
- Presidential Issuances
- Subcategory
- Letters of Instructions
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
March 26, 1982
LETTER OF INSTRUCTIONS NO. 1218
| TO | : | The Governor, Central Bank of the Philippines |
| The Chairman, Development Bank of the Philippines |
You are hereby directed to formulate and establish a program of guarantee facilities responsive to the needs of Philippine construction contractors and service contractors for the Middle East market. This program, which will consolidate and improve on all existing facilities, will have the following characteristics: firstly, it will be based on a system of accreditation and categorization which recognizes the varying degrees of credit-worthiness and capability within the contracting industry; secondly, it will provide accredited contractors with immediate access to bid bond facilities, advance payment guarantee facilities, and performance guarantee facilities; thirdly, it will be supervised and implemented by a single agency, such as the Development Bank of the Philippines or such other agency as may be designated by the Central Bank; fourthly, its implementation within the Kingdom of Saudi Arabia will be managed by an extension office of the aforesaid agency to be located within the Philippine Embassy. aisa dc
You are to submit a report on the implementation of this directive within thirty (30) days from its effectivity. cd i
DONE this 26th day of March, 1982. casia
Cite This Law
Establishment of a Program of Guarantee Facilities for Philippine Construction Contractors for Middle East, Letter of Instructions No. 1218 (Philippines)
Establishment of a Program of Guarantee Facilities for Philippine Construction Contractors for Middle East, Letter of Instructions No. 1218 (Phil. )
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