WHEREAS, cooperatives are
indispensable component of the national development plan by operating business enterprises
based on mutual aid;
WHEREAS, it is the mandate of the
Department of Finance (DoF) to formulate, institutionalize and administer fiscal policies;
WHEREAS, in order to facilitate
coordination of policies and programs between these agencies, it is necessary to place the
CDA under the DoF;
WHEREAS, Book III, Title III, Chapter
10, Section 31 (3) of the Administrative Code of 1987, authorizes the President to
"[T]ransfer any agency under the Office of the President to any other department or
agency x x x".
NOW, THEREFORE, I GLORIA MACAPAGAL-ARROYO,
President of the Republic of the Philippines, by virtue of the powers vested in me by law,
do hereby order the following:
Section 1. The Cooperative Development
Authority is hereby transferred from the Office of the President and attached to the
Department of Finance.
Sec. 2. All orders, issuances,
rules and regulations or parts thereof inconsistent with this Executive Order are hereby
repealed or modified accordingly.
Sec. 3. This Executive Order shall
take effect immediately.
DONE in the City of Manila, this 16th
day of July in the year of our Lord, two thousand and four.
(Sgd.) GLORIA MACAPAGAL – ARROYO
By the President:
(Sgd.) ALBERTO G. ROMULO
Executive Secretary
