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EXECUTIVE ORDER NO. 849 -
INCREASING THE LOAN VALUE AND GUARANTEE COVERAGE UNDER THE FOOD QUEDAN
FINANCING PROGRAM AND FOR OTHER PURPOSES
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| WHEREAS,
Letters of Instructions Nos. 696, 704, 1024 and 1139 were promulgated
to institutionalize the system of Food Quedan Financing so as to
facilitate the augmentation of food businessmen’s operating capital and
thereby trigger private procurement of palay, corn, and other farm
produce; WHEREAS, for four years under the said Food Quedan Financing Program, the private food business sector has responded very satisfactorily as shown by its perfect record of repayment — not a single loan due and unpaid nor bonded stock unaccounted for; WHEREAS, recent bumper crops of palay and corn necessitate further augmentation of food businessmen’s operating capital so as to competent government efforts to stabilize ex-farm prices; and NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Republic of the Philippines, by virtue of the powers vested in me by the Constitution, do hereby order and direct the following: SECTION 1. The loan value for food quedans pledged and/or mortgaged under the Food Quedan Financing Program shall be increased from 70% to 80%. SECTION 2. Correspondingly, the guarantee coverage under the said program shall be increased from 70% to 80% of outstanding loan. SECTION 3. The increase both in loan value and guarantee coverage shall be subject to all other existing rules and regulations. SECTION 4. In order to lend more impetus to the attainment of the vital objectives of the Food Quedan Financing Program, the Quedan Guarantee Fund Board shall streamline and expand its organization so as to cover more rice and corn producing provinces and that said Board, which is attached to the National Food Authority, is hereby granted the exemption on all personnel matters as are provided the latter under Executive Order No. 839. SECTION 5. This Executive Order shall take effect immediately. Done in the City of Manila, this 26th day of November, in the year of Our Lord, nineteen hundred and eighty-two. |
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