Relative to the Expanded Financial Support for Export Industries
Letter of Instructions No. 503, issued on January 31, 1977, by President Ferdinand E. Marcos, mandates enhanced financial support for the Philippine export industry, particularly for small and medium-sized enterprises. It highlights the establishment of the Industrial Guaranty and Loan Fund (IGLF) aimed at fostering industrial development. The directive allocates P10 million from the P50 million appropriated under the General Appropriations Act for 1977 to finance export projects, prioritizing rural-based small and medium industries. This initiative underscores the government's commitment to bolster the export sector and support local industries.
Law Information
- Reference Number
- Letter of Instructions No. 503
- Date Enacted
- Category
- Presidential Issuances
- Subcategory
- Letters of Instructions
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
January 31, 1977
LETTER OF INSTRUCTIONS NO. 503
RELATIVE TO EXPANDED FINANCIAL SUPPORT FOR EXPORT INDUSTRIES
| TO | : | The Secretary of Industry |
| The Director-General, National Economic | ||
| and Development Authority | ||
| The Acting Commissioner of the Budget | ||
| The Governor, Central Bank of the Philippines |
WHEREAS, the Industrial Guaranty and Loan Fund has been established to support the development of Philippine Industry;
WHEREAS, financing authority needs to be given to export industries, particularly to those which are also small and medium scale operations;
WHEREAS, P.D. 1050, the General Appropriations Act for CY 1977, appropriates P50 million for the Industrial Guaranty and Loan Fund;
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines, do hereby order and direct:
The immediate release to the IGLF of P10 million, to be used exclusively for the financing of export projects, with preference to be given to small and medium industries located in the countryside. cd i
DONE in the City of Manila, this 31st day of January, in the year of Our Lord, Nineteen Hundred and Seventy-Seven.
Cite This Law
Relative to the Expanded Financial Support for Export Industries, Letter of Instructions No. 503, Jan 31, 1977 (Philippines)
Relative to the Expanded Financial Support for Export Industries, Letter of Instructions No. 503 (Phil. 1977)
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