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EXECUTIVE ORDERS
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EXECUTIVE ORDER NO. 454 -
IMPLEMENTING AUSTERITY MEASURES IN GOVERNMENT FOR 1997
WHEREAS,
in the light of the current currency crisis, the government has
reassessed its financial condition to ensure that its targeted fiscal
position remains on track;
WHEREAS, the recent peso depreciation and associated rise in interest
rates will increase government expenditures in terms of higher
foreign-denominated costs and larger expenditures for debt servicing,
among others;
WHEREAS, there is a need to maintain a prudent and firm fiscal posture
to send positive signals about the government’s genuine commitment to
economic stability and sustainable growth and facilitate the reduction
of the country’s current account deficit and domestic interest rates;
WHEREAS, the Consultative Conference on Socio-Economic Development on
26 September 1997 has reaffirmed the need for government to identify
cost-reduction measures to meet the fiscal targets for the year and
augment resources for priority economic and social projects.
NOW, THEREFORE, I FIDEL V. RAMOS, President of the Republic of the
Philippines, by virtue of the power vested in me by the Constitution,
do hereby order and direct:
Section 1.
Sec. 2.
2.1
2.2
a.
b.
c.
d.
e.
f.
g.
2.3
2.4
Sec. 3.
Sec. 4.
Sec. 5.
DONE in the City of Manila,
this 31st day of October, in the year of our Lord, Nineteen Hundred and
Ninety Seven.
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