Guidelines Governing Implementation of P.D. No. 415 ( Letter of Instructions No. 219 )
October 14, 1974
October 14, 1974
LETTER OF INSTRUCTIONS NO. 219
| TO | : | The Secretary of Finance |
| The Director General | ||
| National Economic and Development Authority | ||
| The Governor, Central Bank | ||
| The Chairman | ||
| Development Bank of the Philippines | ||
| The Chairman | ||
| Philippine National Bank National Investment and Development | ||
| Corporation | ||
| The General Manager | ||
| Government Service and Insurance System | ||
| The Administrator | ||
| Social Security System |
In order to achieve the objective of the state in establishing a self-reliant defense posture which requires the immediate prosecution of national defense projects for the acquisition or production of military material, the following guidelines shall be observed in the implementation of Presidential Decree No. 415 dated March 19, 1974:
1. The government banks and financial institutions enumerated above shall waive the payment of their normal banking and financial charges such as commissions, guaranty fees and other similar charges, but excluding actual expenses incurred, whenever these institutions participate in any loan, credit or indebtedness including suppliers' credit and deferred payment arrangements that may be entered into by the Republic of the Philippines pursuant to Section 3 of Presidential Decree No. 415.
2. The Secretary of Finance shall exempt from the payment of the required documentary and science stamps transactions between the Republic of the Philippines and these government banks and financial institutions involving any loan, credit or indebtedness including suppliers' credits and deferred payment arrangements pursuant to Section 3 of Presidential Decree No. 415. cd
DONE in the City of Manila, this 14th day of October, in the year of Our Lord, Nineteen Hundred and Seventy-Four. casia