Refinancing and Restructuring of Existing Loans of Distressed Poultry and Hog Raisers

September 29, 1975

LETTER OF INSTRUCTIONS NO. 323

WHEREAS, it is the policy of government to support small and medium-size entrepreneurial activities;

WHEREAS, many of our poultry and hog raisers are experiencing difficulties in repaying their outstanding loans with financial institutions due to the distressed existing conditions in their industries; aisa dc

WHEREAS, the same raisers are unable to recover from their financial losses due to lack of credit;

WHEREAS, small feedmills are experiencing difficulties financing their raw materials requirements;

NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Republic of the Philippines, do hereby order the following:

1.  The Central Bank (CB), the Philippine National Bank (PNB), and the Development Bank of the Philippines, (DBP) shall provide for the refinancing, and restructuring of existing loans of distressed poultry and hog raisers, within fifteen (15) days after the signing of this LOI;

2.  The Presidential Committee on Agricultural Credit (PCAC) shall revise the program of financing for small and medium industries, including feedmills, preferably giving loans on a supervised credit basis as far as individual cooperatives are concerned. PCAC shall utilize the appropriate NEDA-IGLF funds and other available funds. cd

This Letter of Instruction shall take effect immediately.

DONE in the City of Manila, this 29th day of September, in the year of our Lord, Nineteen Hundred and Seventy-Five.