Provision of Low Cost Credit Facilities for Energy Projects
Letter of Instructions No. 1121, issued on April 23, 1981, by President Ferdinand E. Marcos, mandates the Central Bank of the Philippines to establish a program for low-cost credit facilities aimed at supporting energy projects. It emphasizes the importance of energy initiatives for national progress and instructs the Central Bank to provide rediscount credit support to banks that finance qualified energy projects. The Ministry of Human Settlements, the Ministry of Energy, and the National Electrification Administration are tasked with identifying eligible projects and developing implementation guidelines. Priority is given to smaller energy projects such as mini-hydro plants and solar energy initiatives.
Law Information
- Reference Number
- Letter of Instructions No. 1121
- Date Enacted
- Category
- Presidential Issuances
- Subcategory
- Letters of Instructions
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
April 23, 1981
LETTER OF INSTRUCTIONS NO. 1121
| TO | : | The Governor, Central Bank of the Philippines |
| The Minister of Human Settlements | ||
| The Minister of Energy | ||
| The Administrator, National Electrification | ||
| Administration | ||
| SUBJECT | : | Directing The Provisions of Low Cost Credit Facilities for Energy Projects |
WHEREAS, the energy program is a vital component of national progress; acd
WHEREAS, it is necessary for all sectors of the economy to support both energy saving and energy generating activities;
WHEREAS, the larger energy projects require support from major investment and credit sources, but the smaller energy projects can be supported by the banking and financial system;
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippine, do hereby Order and Instruct:
1. The Central Bank of the Philippines shall design a program of rediscount credit support to private and government banks that lend to qualified energy projects;
2. The Ministry of Human Settlements and of Energy and the National Electrification Administration shall help the Central Bank of the Philippines in the identification of energy projects deserving of low cost credit support and otherwise in the formulation of guidelines in the implementation of this program.
3. Priority shall be given to mini-hydro plants, dendrothermal plants, solar energy projects, and other similarly small and self-contained energy projects, both energy-generating and energy saving.
4. The Central Bank shall review the credit budget and provide for the energy rediscounting program provided under this Letter.
DONE in the City of Manila, this 23rd day of April, in the year of Our Lord, Nineteen Hundred and Eighty-One. cd i
Cite This Law
Provision of Low Cost Credit Facilities for Energy Projects, Letter of Instructions No. 1121, Apr 23, 1981 (Philippines)
Provision of Low Cost Credit Facilities for Energy Projects, Letter of Instructions No. 1121 (Phil. 1981)
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