MEMORANDUM CIRCULAR NO. 10 - RECONSTITUTING THE GOVERNMENT CORPORATE MONITORING AND COORDINATING COMMITTEE CREATED UNDER EXECUTIVE ORDER NO. 936, DATED FEBRUARY 29, 1984

WHEREAS, the Government is determined to pursue a program of economic recovery and stability;

WHEREAS, the public sector finances have to be carefully planned, evaluated, and coordinated; and

WHEREAS, there is a need for a mechanism to monitor and coordinate the activities of government-owned and controlled corporations both financial and non-financial.

IN VIEW THEREOF, the Government Corporate Monitoring and Coordinating Committee created under Executive Order No. 936, dated February 29, 1984, is hereby reconstituted and shall operate as a subcommittee of the Cabinet. It shall be composed of the Minister of Finance as Chairman, and the Director General, Office of Budget and Management, the Governor, Central Bank of the Philippines, the Director General, National Economic and Development Authority, and the Chairman, Commission on Audit as Members. The members may designate alternates to represent them in the meetings of the Committee, provided that such alternates shall not be lower than their deputy ministers or their equivalents.

The Committee shall have the following duties and functions:

1. Develop appropriate guidelines on the monitoring of the operations of government-owned and controlled corporations, including their wholly-owned or majority-owned subsidiaries;

2. Formulate the necessary recommendations on policies and guidelines relevant to government corporate operations for submission to and approval by the President through the Cabinet;

3. Determine the financial exposure of the National Government to the various government corporations, whether this financial exposure will be in the form of subsidy, equity, net lending or loan guarantees; and

4. Perform such other functions as related to any activity of government-owned or controlled corporations as may be authorized by the President.

Since 19.07.98.