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PRESIDENTIAL DECREE NO. 1450
PRESIDENTIAL DECREE NO. 1450 -
REORGANIZING THE INVESTMENTS COORDINATION COMMITTEE AND INSTITUTING A
MECHANISM FOR THE REORGANIZATION OF ALL COMMITTEES ATTACHED TO THE
NATIONAL ECONOMIC AND DEVELOPMENT AUTHORITY; AMENDING FOR THIS PURPOSE
ARTICLE FIVE, CHAPTER ONE, PART SIX OF THE INTEGRATED REORGANIZATION
PLAN
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WHEREAS,
the formulation and coordination of the investment policies of
government financial institutions should be closely linked with
financial planning for major national projects so as to secure the
optimum use of resources available from such institutions as well as
those available from the national government and foreign sources within
the context of approval development plans and programs;chanroblesvirtualawlibrary
WHEREAS, there is a need to evaluate the fiscal monetary and balance of
payments implications of major national projects and recommend to the
President the timetable of the implementation of these projects on a
regular basis, particularly those that require foreign financing
assistance;chanroblesvirtualawlibrary
WHEREAS, there is a need to streamline and coordinate the existing
organizational mechanisms for the performance of all these tasks in
order to avoid unnecessary duplication of functions; and
WHEREAS, there is also a need to institute a system of making the
organizational structure of the various committees attached to the NEDA
sufficiently flexible to cope with fast changing developments in the
areas of activities that the committees are responsible for.
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines,
by virtue of the powers vested in me by the Constitution, do hereby
order and decree:cralaw:red
Section 1. Paragraph Two, Article Five, Chapter One,
Part Six of the Integrated Reorganization Plan is hereby amended to
read as follows:cralaw:red
"The Committee shall be composed of eleven members, with Secretary of
the Department of Finance as Chairman; the Director-General of the
National Economic and Development Authority as Co-Chairman; the
Chairman of the Board of Investments as Vice-Chairman; the Governor of
the Central Bank of the Philippines, the Chairman of the Development
Bank of the Philippines, the President of the Philippine National Bank,
the President of the Land Bank of the Philippines, the President of the
Philippine Amanah Bank, the President and General Manager of the
Government Service Insurance System, the Administrator of the Social
Security System and the Commissioner of the Budget Commission; as
members."
Section 2. The following sub-paragraphs under
paragraph three of the same article are hereby added:cralaw:red
"d. To evaluate the fiscal, monetary and balance of
payments, implications of major national projects and recommend to the
President the timetable of the implementation of these projects on a
regular basis, particularly those that require foreign financing
assistance. In this regard the following shall be taken into account,
among others: chanroblesvirtualawlibrary
(1) priority rating of the project within the context
of the national development plan;chanroblesvirtualawlibrary
(2) peso requirements of the project in terms of the
current and capital outlays needing peso support directly or indirectly
from the national government and government financial institutions;chanroblesvirtualawlibrary
(3) sources of funds; chanroblesvirtualawlibrary
(4) terms and conditions of the proposed financing;chanroblesvirtualawlibrary
(5) impact of the proposed project on domestic and
foreign debt ceilings; and
(6) effects on the international balance of payments
position. chanroblesvirtualawlibrary
e. To conduct hearings and evaluate major project
proposals of government departments and agencies, government-owned or
controlled corporations and private enterprises; and
f. To prepare a domestic and foreign borrowing
program updated each year, and to submit to the President a status of
the fiscal, monetary and balance of payments implications of major
rational projects."
Section 3. A new paragraph to be known as paragraph
five is hereby added to the same Article.
"5. This Committee, as well as all other committees
that are now or may hereafter be attached to the National Economic and
Development Authority pursuant to a law, decree, letter of
instructions, executive or administrative order or other Presidential
directive or issuance, may be recognized upon the recommendation of the
National Economic and Development Authority, through its
Director-General, to the President; Provided, That, the approval of the
President shall be sufficient for the implementation of the Authority's
recommendation. chanroblesvirtualawlibrary
All the committee referred to in the next preceding paragraph shall
have the authority to issue rules and regulations to govern its
procedures and operations." chanroblesvirtualawlibrary
Section 4. The Committee on Foreign Assisted Projects
created under Letter of Instructions No. 592 is hereby abolished and
its records, funds, and other assets and liabilities are hereby
transferred to the Investment Coordination Committee.
Section 5. All laws, decrees, instructions, orders,
rules or regulations inconsistent with the provisions of this Decree
are hereby repealed or modified accordingly.
Section 6. This Decree shall take effect immediately.
Done in the City of Manila,
this 11th day of June, in the year of Our Lord, nineteen hundred and
seventy-eight.
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