Timing of Major National Projects
Letter of Instructions No. 451, issued on August 22, 1976, establishes a permanent committee tasked with overseeing the timing and financial implications of major national projects in the Philippines. This committee, chaired by the Secretary of Finance, includes key government officials and is responsible for evaluating the fiscal, monetary, and balance of payments impacts of significant projects, such as industrial facilities and infrastructure developments. It is mandated to recommend implementation timelines to the President and conduct hearings on project proposals. All government entities are required to cooperate with the committee, which will receive technical support from the Central Bank. The initiative aims to ensure that the economy can support necessary investments and manage foreign borrowing effectively.
Quick Answers
- What is Timing of Major National Projects about?
- Letter of Instructions No. 451, issued on August 22, 1976, establishes a permanent committee tasked with overseeing the timing and financial implications of major national projects in the Philippines. This committee, chaired by the Secretary of Finance, includes key government officials and is responsible for evaluating the fiscal, monetary, and balance of payments impacts of significant projects, such as industrial facilities and infrastructure developments. It is mandated to recommend implementation timelines to the President and conduct hearings on project proposals. All government entities are required to cooperate with the committee, which will receive technical support from the Central Bank. The initiative aims to ensure that the economy can support necessary investments and manage foreign borrowing effectively.
- What type of law is Letter of Instructions No. 451?
- Timing of Major National Projects (Letter of Instructions No. 451) is a Philippine Presidential Issuances enacted by the Congress of the Philippines.
- When was Timing of Major National Projects enacted?
- Timing of Major National Projects (Letter of Instructions No. 451) was enacted on Aug 22, 1976.
- What is the citation for Timing of Major National Projects?
- Timing of Major National Projects, Letter of Instructions No. 451, Aug 22, 1976 (Philippines)
Law Information
- Reference Number
- Letter of Instructions No. 451
- Date Enacted
- Category
- Presidential Issuances
- Subcategory
- Letters of Instructions
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
August 22, 1976
LETTER OF INSTRUCTIONS NO. 451
| TO | : | The Secretary of Finance | |
| The Secretary of Industry | |||
| The Director-General, NEDA | |||
| The Acting Commissioner of the Budget | |||
| The Governor of the Central Bank | |||
| All Heads of Departments, Bureaus and Offices of the National Government | |||
| All Heads of Government Owned or Controlled Corporations | |||
| SUBJECT | : | Timing of Major National Projects |
Various agencies of government are engaged in the identification and development of major projects in support of development goals. These include the copper smelter, steel mill, petro-chemical complex, fertilizer plant, power projects, sports, hospital care and oil exploration, and others. These will call for government action in terms of foreign borrowings, infrastructure and utilities support, and equity investment to implementing corporate bodies. This will in turn affect the international reserve and levels of foreign borrowings, domestic credit, and budgetary expenditures.
For purposes of ensuring integrated and deliberate action on the timing of major national projects and to ensure that the economy and government can support the required levels of investment, credit, foreign borrowing, and international payments, the following measures are hereby directed: cd
1. A permanent committee is created to conduct a continuing study of the financial implications and the timetable of major national projects, consisting of the Secretary of Finance (Chairman), the Secretary of Industry, the NEDA Director-General, the Central Bank Governor and the Commissioner of the Budget (Secretary).
2. The Committee is directed to evaluate the fiscal, monetary, and Balance of Payments implications of major national projects and to recommend to the President on the timetable of implementation of these projects. A working definition shall be adopted to include in the scope of the Committee's concern those projects of such magnitude as to significantly affect the budget, domestic and foreign borrowing ceilings, money supplies, the infrastructure program and the international reserve. An annual updating of the recommended timetable shall be submitted.
3. The Committee is empowered to conduct hearings and otherwise evaluate project proposals of government departments and agencies and of government owned and controlled corporations.
4. All government agencies and corporations are directed to extend all possible assistance and cooperation in order to achieve the purpose of integrated project identification and development.
5. The Central Bank shall provide technical and other necessary support to the Committee, principally through its Department of Economic Research and its Management of External Debt and Investment Accounts Department.
DONE in the City of Manila, this 22nd day of August, in the year of Our Lord, Nineteen Hundred and Seventy-Six.
Cite This Law
Timing of Major National Projects, Letter of Instructions No. 451, Aug 22, 1976 (Philippines)
Timing of Major National Projects, Letter of Instructions No. 451 (Phil. 1976)
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