CREATING THE LOANS AND INVESTMENT COUNCIL
WHEREAS, the financial institutions of the government play a focal role in maximizing the use of available resources to support the country’s economic development;
WHEREAS, there exists a need for coordinating the investment policies of government financial institutions to enable them to contribute in a more effective manner towards the attainment of the overall targets and priorities set forth in the Five-Year integrated Socio-Economic Program;
NOW, THEREFORE,I, DIOSDADO MACAPAGAL, President of the Philippines, by virtue of the powers vested in me by law, do hereby create the Loans and Investment Council.
1. The Council shall have the following composition:
Secretary of Finance | ............ Chairman |
Secretary of Commerce and Industry | ............ Member |
Director-General of the Program Implementation Agency | ............ Member |
Governor of the Central Bank | ............ Member |
Chairman of the Development Bank of the Philippines | ............ Member |
President of the Philippine National Bank | ............ Member |
General Manager of the Government Service Insurance System | ............ Member |
Administrator of the Social Security System | ............ Member |
(a) To formulate and coordinate the investment policies of the government financial institutions so as to secure the optimum use of the resources available in such institutions in line with the objectives of the Socio-Economic Program; and consistent with their individual limitations and primary functions;
(b) To serve as a general clearing house of information on projects before the member institutions so that applications requesting financial support from more than one member institution may be evaluated simultaneously by the member institutions concerned;
(c) To develop a coordinated and consistent budgeting system for the resources of the government financial institutions and to revew and coordinate the annual program of sources and applications of the funds of the member institutions so as to shape them into an integrated annual program of captal transfer in full support of the Program;
(d) To perform such other functions as will contribute towards the attainment of the goals set in the program.
3. The Council is hereby authorized to have such personnel as may be assigned or detailed to it from member institutions and to draw upon such amount as may be needed to carry out its duties and functions from such available funds as may be needed for the purpose under existing rules and regulations, subject to the approval of the President of the Philippines.
Done in the City of Manila, this 19th day of March, in the year of Our Lord, nineteen hundred and sixty-three.
(Sgd.) DIOSDADO MACAPAGAL
President of the Philippines
By the President:
(Sgd.) SALVADOR L. MARIÑO
Executive Secretary
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