Intensifying the Collection by GFIs of Arrearages of Borrowers
Letter of Instructions No. 411, issued on May 29, 1976, directs heads of various government-owned financial institutions in the Philippines to enhance the collection of overdue payments from borrowers. This initiative aims to generate funds to alleviate the financial impacts of natural disasters, such as typhoons and floods, and to address the issue of irregular amortization payments that hinder the institutions' ability to assist rehabilitation efforts. The institutions are instructed to apply existing collection laws and report delinquent borrowers to the President. Additionally, they are encouraged to effectively communicate this directive to their borrowers.
Law Information
- Reference Number
- Letter of Instructions No. 411
- Date Enacted
- Category
- Presidential Issuances
- Subcategory
- Letters of Instructions
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
May 29, 1976
LETTER OF INSTRUCTIONS NO. 411
| TO | : | The President, Philippine National Bank |
| The Chairman, Development Bank of the Philippines | ||
| The General Manager, Government Service Insurance System | ||
| The Administrator, Social Security System | ||
| The President, Land Bank of the Philippines | ||
| The President, Philippine Amanah Bank and Managing Heads of All Government Owned or Controlled Financial and Banking Institutions |
In order to generate funds necessary to mitigate the financial impact of natural calamities such as typhoons and floods, and to remedy the recurring problem of non-payment or irregularity of amortization payments by borrowers from said institutions, which hampers and impairs their capability to assist the government in its program to rehabilitate and alleviate the sufferings of victims of the same, the Managing Heads of the above-named Government Banking and Financing Institutions are hereby directed to:
(1) To intensify the collection of arrearages of borrowers of the said institutions applying in full force and effect the provisions of Presidential Decree No. 385 dated January 31, 1974; and
(2) To submit to the President a list of their respective delinquent borrowers indicating the amount and number of unpaid monthly and/or annual amortizations.
The aforesaid officials are further directed to use all possible means to disseminate this Letter of Instructions to borrowers of their respective institutions.
DONE in the City of Manila, this 29th day of May, in the year of Our Lord, Nineteen Hundred and Seventy-Six. acd
Cite This Law
Intensifying the Collection by GFIs of Arrearages of Borrowers, Letter of Instructions No. 411, May 29, 1976 (Philippines)
Intensifying the Collection by GFIs of Arrearages of Borrowers, Letter of Instructions No. 411 (Phil. 1976)
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