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LETTER OF INSTRUCTIONS
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LETTER OF INSTRUCTIONS NO. 832 |
Ministry of Education & Culture
The Minister
Ministry of the Budget
The General Manager
Government Service Insurance System
The Administrator
Social Security System
The President
Philippine National Bank
The Chairman
Development Bank of the Philippines
The President
Land Bank of the Philippines
The President
Amanah Bank
All Heads of Private Banking Institutions
All Concerned
WHEREAS, it is the declared national policy of the government to democratize access to education by providing opportunities to poor but deserving students to pursue higher education in fields relevant to economic development;
WHEREAS, the "Study Now Pay Later Plan" under the educational assistance programs is recognized as a major measure to enhance the democratization of education;
WHEREAS, to expand the coverage of the government educational plan be expanded to provide the youth all available educational opportunities as well as parents for educational purposes;
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines, by virtue of the powers vested in me by the Constitution, do hereby issue the following instructions:
1.
All institutions concerned are hereby directed to increase their
respective annual contributions to the Educational Loan Fund and to the
Educational Loan Guarantee Fund starting from school year 1979-1980 by
Five Million Pesos (P5,000,000.00) each;
2. The
Educational Loan Fund shall be made available directly to the eligible
students pursuant to P.D. 932 as amended, and to parents with visible
means of livelihood who would wish to avail of loans for the education
of their children, under such rules and regulations as shall be
promulgated by the policy making council created under the same decree;
3. All
concerned banks and their branches nationwide are hereby directed to
make possible the immediate implementation of the program on easy terms.
Done in the City of Manila, this 20th day of March, in the year of Our Lord, nineteen hundred and seventy-nine.
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