Expeditious Payments of Outstanding Payables by Government Agencies to the CDCP

February 23, 1983

LETTER OF INSTRUCTIONS NO. 1297

DIRECTING GOVERNMENT MINISTRIES, BUREAUS, AGENCIES AND CORPORATIONS WITH OUTSTANDING PAYABLES TO CONSTRUCTION AND DEVELOPMENT CORPORATION OF THE PHILIPPINES (CDCP) TO EXPEDITE PAYMENTS OF SUCH PAYABLES

TO : All Concerned

Pursuant to the Government's decision to extend all the necessary assistance in the financial rehabilitation program of CDCP and in order to allow CDCP to liquify its receivables and thus enable the same to fund its operating and debt servicing requirements, the following institutions are hereby directed and authorized to do as follows:

1. The Public Estates Authority (PEA) shall release to CDCP the unpaid balance of the Manila Cavite Coastal Road and Reclamation Project (MCCRRP) land sales proceeds amounting to P644 million, in four quarterly installments as follows:

Amount	Payment Due
P161 Million	Not later than February 28, 1983
P161 Million	Not later than April 30, 1983
P161 Million	Not later than July 31, 1983
P161 Million	Not later than October 31, 1983

 

2. All concerned government contract owners shall pay to CDCP not later than February 28, 1983 at least fifty percent (50%) of all their outstanding payables to CDCP, for which appropriate billings have been submitted by CDCP, which shall include billings for basic contract accomplishments, extra-works, supplementary contracts, escalations, and all approved and unpaid contract claims. The balance of 50% shall be paid to CDCP not later than June 30, 1983.

Pursuant thereto, the following are hereby directed to immediately allocate funds for this purpose and to commence processing of the pertinent payment vouchers. cdt

Ministry of Public Works and Highways

Ministry of Transportation and Communication/Light Rail Transit Authority

Metro Manila Commission

Metropolitan Waterworks and Sewerage System

National Power Corporation

Philippine National Oil Company and all other government ministries, agencies, bureaus, offices and corporations with outstanding payables to CDCP.

3. The Ministry of Budget and the National Treasury shall release to any of the above-named government institutions dependent on the Ministry of Budget and the National Treasury the funds necessary for such government institutions to perform as directed above.

4. For new and future billings, and as a matter of procedure, all concerned government contract owners shall process the billings of and make appropriate payments to CDCP in accordance with terms specified in their respective contracts. These billings shall include those for basic contract accomplishments, extra works, supplementary contracts, variation orders, escalations, and claims.

This Letter of Instruction shall take effect immediately.

DONE in the City of Manila, this 23rd day of February, in the year of Our Lord, Nineteen Hundred and Eighty-Three. acd