Full Utilization of All Proceeds of the Economic Support Fund
Letter of Instructions No. 1484, issued on December 10, 1985, mandates the effective utilization of the Economic Support Fund (ESF) proceeds in the Philippines. It establishes policies for disbursements, requiring strict adherence to Joint Circular No. 1-85 regarding fund release and accounting. Notably, the interest earnings from the ESF will be allocated, with 60% for funding ESF projects and 40% for the operational costs of the ESF Secretariat. Additionally, the National Treasurer is tasked with periodic reporting on ESF remittances to the President. The implementation of budgetary actions is set for the 1987 budget, while non-budgetary actions take effect immediately.
Quick Answers
- What is Full Utilization of All Proceeds of the Economic Support Fund about?
- Letter of Instructions No. 1484, issued on December 10, 1985, mandates the effective utilization of the Economic Support Fund (ESF) proceeds in the Philippines. It establishes policies for disbursements, requiring strict adherence to Joint Circular No. 1-85 regarding fund release and accounting. Notably, the interest earnings from the ESF will be allocated, with 60% for funding ESF projects and 40% for the operational costs of the ESF Secretariat. Additionally, the National Treasurer is tasked with periodic reporting on ESF remittances to the President. The implementation of budgetary actions is set for the 1987 budget, while non-budgetary actions take effect immediately.
- What type of law is Letter of Instructions No. 1484?
- Full Utilization of All Proceeds of the Economic Support Fund (Letter of Instructions No. 1484) is a Philippine Presidential Issuances enacted by the Congress of the Philippines.
- When was Full Utilization of All Proceeds of the Economic Support Fund enacted?
- Full Utilization of All Proceeds of the Economic Support Fund (Letter of Instructions No. 1484) was enacted on Dec 10, 1985.
- What is the citation for Full Utilization of All Proceeds of the Economic Support Fund?
- Full Utilization of All Proceeds of the Economic Support Fund, Letter of Instructions No. 1484, Dec 10, 1985 (Philippines)
Law Information
- Reference Number
- Letter of Instructions No. 1484
- Date Enacted
- Category
- Presidential Issuances
- Subcategory
- Letters of Instructions
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
December 10, 1985
LETTER OF INSTRUCTIONS NO. 1484
| TO | : | The Chairman, Economic Support Fund Council |
| The Minister, Office of Budget and Development | ||
| The Chairman, Commission on Audit | ||
| The National Treasurer of the Philippines | ||
| The Executive Director, Economic Support Fund Secretariat | ||
| All Others Concerned |
Pursuant to the government mandate to fully utilize all proceeds of the Economic Support Fund (ESF) and in order to optimize such utilization, the following instructions are hereby given:
1. The following policies and guidelines for the disbursements of ESF proceeds are hereby established: aisa dc
a) Joint Circular No. 1-85 dated September 19, 1985 of the Commission on Audit and the ESF Secretariat, prescribing procedures on the release and utilization of the funds as administered by the ESF Council and the ESF Secretariat, including the accounting treatment thereof, pursuant to Letter of Instructions No. 1379 dated February 5, 1984, including subsequent amendments or issuances related thereto, shall be strictly complied with.
b) The interest earnings of ESF proceeds in a Special Account of the Bureau of Treasury shall be utilized as follows: (1) Sixty (60%) percent of the total interest earnings to additionally fund the implementation of ESF projects, including newly identified projects, variation orders and price escalations, in accordance with such criteria as may be approved by the ESF Council, provided that such projects shall be approved by the President prior to their implementation; (2) Forty (40%) percent to support the operations of the ESF Secretariat, including personnel maintenance and operating expenditures insurance premiums and other contingency requirements of completed ESF projects. cd i
(c) The National Treasurer of the Philippines shall submit to the President, through the ESF Secretariat, a periodic report on all ESF remittances, including the total qualifications and requirements for the teaching profession, including both teachers and administrators, with the aim of upgrading civil service and position classification standards for teaching and educational administration;
Effectivity
2. The aspects of this Letter calling for budgetary action shall be implemented in the preparation of the 1987 budget, while the aspects requiring no budgetary action shall be implemented immediately.
DONE in the City of Manila, this 10th day of December, Nineteen Hundred and Eighty-Five. cd i
Cite This Law
Full Utilization of All Proceeds of the Economic Support Fund, Letter of Instructions No. 1484, Dec 10, 1985 (Philippines)
Full Utilization of All Proceeds of the Economic Support Fund, Letter of Instructions No. 1484 (Phil. 1985)
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