Reimbursement to NGA of Amount Advanced from Its Corporate Funds
Letter of Instructions No. 696, issued on May 24, 1978, by President Ferdinand E. Marcos, addresses the critical shortage of grain warehousing in the Philippines. It mandates the Budget Commission to reimburse the National Grains Authority (NGA) P95 million, which the NGA had previously advanced from its corporate funds for warehouse construction. Additionally, the NGA is instructed to release this amount to the Central Bank to facilitate short-term loans for qualified grains businesses through rural banks. The overall aim is to bolster private sector participation in the grains industry and ensure effective implementation of these objectives. This order supersedes any conflicting prior instructions and takes immediate effect.
Law Information
- Reference Number
- Letter of Instructions No. 696
- Date Enacted
- Category
- Presidential Issuances
- Subcategory
- Letters of Instructions
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
May 24, 1978
LETTER OF INSTRUCTIONS NO. 696
| TO | : | The Commissioner, Budget Commission |
| The Secretary, National Economic and Development Authority | ||
| The Governor, Central Bank of the Philippines | ||
| The Administrator, National Grains Authority | ||
| All Concerned |
WHEREAS, the National Grains Authority (NGA) has been entrusted with the task of acquiring and/or constructing warehouse of grains in areas of production and other strategic places to meet the critical shortage of warehousing facilities in the country; casia
WHEREAS, the Budget Commission has appropriated in favor of the NGA the amount of two hundred million pesos (P200,000,000.00) for the warehousing needs of NGA under the 1975-77 National Budget, out of which amount only forty eight million (P48,000,000.00) have been released for the last three years.
WHEREAS, the NGA has advanced P95,000,000.00 out of its corporate funds to avoid disrupting the construction of its warehouses under the Program. cd
WHEREAS, there is an abundance of Grains as a result of government effort towards increased production, but the private sector has not appreciably increased its participation in the trading activity due to inadequacy of funds; and
WHEREAS, it is the Policy of the Government to encourage the active participation of the private sector in the Grains Industry.
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines, by virtue of the powers vested in me by the Constitution, do hereby order and decree that: acd
1. The Budget Commission shall reimburse to the NGA the amount of P95,000,000.00 representing the amount advanced by NGA out of its corporate funds.
2. The National Grains Authority shall release the amount of P95,000,000.00 million to the Central Bank subject to latter's approval, for release to Rural Banks of good standing in the form of special time deposits and which shall be made available on a short term commodity or working capital loans to qualified and deserving grains businessmen.
The Institutions concerned shall adopt such measures as may be necessary and appropriate to implement and achieve the objectives of these instructions.
All provisions of other Letters of Instructions inconsistent with this order are hereby repealed or modified accordingly. cd i
This Letter of Instruction shall take effect immediately.
DONE in the City of Manila, this 24th day of May, in the year of Our Lord, Nineteen Hundred and Seventy-Eight.
Cite This Law
Reimbursement to NGA of Amount Advanced from Its Corporate Funds, Letter of Instructions No. 696, May 24, 1978 (Philippines)
Reimbursement to NGA of Amount Advanced from Its Corporate Funds, Letter of Instructions No. 696 (Phil. 1978)
Browse More Presidential Issuances
Explore other laws in the Presidential Issuances category.
View All Presidential IssuancesNeed Help Understanding This Law?
Ask our AI assistant to explain provisions, implications, or related laws.
Ask AI About This Law