Setting Aside P5 Million for Implementation of Educational Assistance Act of 1976
Letter of Instructions No. 520, issued on March 22, 1977, directs the Philippine National Bank, Land Bank of the Philippines, and Development Bank of the Philippines to allocate ?5 million from their investment portfolios for educational loans. These loans must adhere to the stipulations of the Educational Assistance Act of 1976, specifically bearing an interest rate not exceeding 6% per annum. The funds are to be replenished upon recommendation from the Policy Council and subsequent presidential approval. All implementing rules and regulations must align with the objectives of the Educational Assistance Program established by the Presidential Decree. Immediate compliance with these directives is mandated.
Law Information
- Reference Number
- Letter of Instructions No. 520
- Date Enacted
- Category
- Presidential Issuances
- Subcategory
- Letters of Instructions
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
March 22, 1977
LETTER OF INSTRUCTIONS NO. 520
| TO | : | The President, Philippine National Bank |
| The President, Land Bank of the Philippines | ||
| The Chairman, Development Bank of the Philippines |
Pursuant to the provisions of Presidential Decree No. 932, otherwise known as the Educational Assistance Act of 1976, you are hereby directed as follows:
The amount of Five Million (P5M) Pesos shall be set aside from your respective bank's investment portfolios for the purpose of extending educational loans to individual applicants who comply with the requirement set forth in the rules and regulations issued pursuant to Presidential Decree No. 932.
Said loans shall bear interest at not more than six per centum (6%) per annum.
The amount available for the purpose herein enunciated shall be replenished by the banks at any time upon the recommendation of the Policy Council created under Presidential Decree No. 932 in consultation with the banks concerned and approval by the President of the Philippines.
Any and all rules and regulations that may be issued by the banks to implement these instructions shall be consistent with the Educational Assistance Program enunciated in said Presidential Decree No. 932.
Immediate compliance is hereby ordered.
DONE in the City of Manila, this 22nd day of March, in the year of Our Lord, Nineteen Hundred and Seventy-Seven.
Cite This Law
Setting Aside P5 Million for Implementation of Educational Assistance Act of 1976, Letter of Instructions No. 520, Mar 22, 1977 (Philippines)
Setting Aside P5 Million for Implementation of Educational Assistance Act of 1976, Letter of Instructions No. 520 (Phil. 1977)
Related Laws
- Amending P.D. No. 932 (Educational Assistance Act of 1976)Presidential Decree No. 1371 • May 2, 1978 • Presidential Issuances
- Setting Aside P300 Million for the Grant of Emergency Loans to Laid-off or Dislocated WorkersLetter of Instructions No. 1403 • May 1, 1984 • Presidential Issuances
- Providing for the Release of Fund for the Southern Philippines Development Administration and the Assignment of Additional Functions to ItLetter of Implementation No. 25 • Sep 11, 1975 • Presidential Issuances
- Further Democratizing Educational Opportunities Promoting the "Study Now Pay Later Plan" and Specifying Various Schemes for its ImplementationPresidential Decree No. 932 • May 13, 1976 • Presidential Issuances
- Assistance to National Educational Testing Center in Conduct of 1976 NCEEMemorandum Circular No. 922 • Jul 14, 1976 • Presidential Issuances
- Implementation of an Emergency Housing Assistance Program for Homeless Families in Southwestern MindanaoLetter of Instructions No. 452 • Aug 23, 1976 • Presidential Issuances
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