EXECUTIVE ORDER NO. 241 - AMENDING EXECUTIVE ORDER NO. 364 CREATING THE NATIONAL COMMISSION ON SAVINGS

WHEREAS, sustainability of the economic growth relies on efforts to increase the country’s productivity level, which in turn would lead to higher income and higher domestic saving rate;

WHEREAS, the need to increase domestic saving rate would enable the country to finance infrastructure and social development projects that would greatly enhance the country’s capability for global competitiveness;

WHEREAS, to sustain economic progress and development and faster growth of the country, increasing capital formation through non-inflationary means, particularly savings in banks and other financial intermediaries, shall continue as government’s priority initiatives;

WHEREAS, the country’s drive to achieve higher domestic saving rate at par with other countries, consistent with sustained accelerated economic progress can be best achieved through collective efforts to all sectors of society and recognizing their role in savings and implementation of savings generation measures;

NOW, THEREFORE, I, JOSEPH EJERCITO ESTRADA, President of the Philippines, by virtue of the powers vested in me by law, do hereby amend Executive Order No. 364, series of 1996, and reconstitute the National Commission on Savings which shall take charge of promoting higher level of domestic savings and productivity and enhance capital formation on a sustainable and nationwide scale:

1. The Commission shall be composed of the following:

a. Secretary of Finance or his duly authorized
representative    - Chairman

b. Governor, Bangko Sentral ng Pilipinas or his
   duly authorized representative - Co-Chairman

c. Director General, National Economic and
Development Authority or his duly
authorized representative   - Member

d. Secretary of Education, Culture and Sports
   or his duly authorized representative    - Member

e. President of the Philippine Social Security
   Association   - Member

f. Chairman, Capital Markets Development
Council - Member

g. President, Bankers Association of the
Philippines   - Member

h. President, Philippine Life Insurance
Association - Member

i. President, Investment Companies Association

   of the Philippines    - Member

(a) inculcating and reinforcing the value of savings in all sectors of society;

(b) keeping the public informed regarding existing savings legislation, policies, programs and savings instruments offered by the country’s financial system;

(c) strengthening the role of financial intermediaries in savings mobilization, such as banking, insurance, pre-need, mutual funds, and others;

(d) conducting periodic surveys and studies to assess the progress of savings mobilization program; and

(e) coordinating with government, private institutions and the legislative branch as well as business organizations to gain the necessary support for the enhancement of savings mobilization.