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PRESIDENTIAL DECREE NO. 1061
PRESIDENTIAL DECREE NO. 1061 -
AMENDING PARAGRAPHS FOUR AND NINE OF PRESIDENTIAL DECREE NO. 205
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WHEREAS,
the programs and activities of the Development Academy of the
Philippines have expanded greatly since its establishment;chanroblesvirtualawlibrary
WHEREAS, with the abolition of the Office of the Executive Secretary,
there is a need to fill in the vacancy created in the Board of Trustees
of the Academy;chanroblesvirtualawlibrary
WHEREAS, to enable the Academy to continue effectively its programs of
development for the country, it is urgently necessary for the Academy
to secure additional funds and resources for its operations; chanroblesvirtualawlibrary
WHEREAS, the expanding development capabilities of the Academy and its
present financial requirements indicate the need for the membership and
participation of the Land Bank of the Philippines in the financial
support, management and policy direction of the Academy;chanroblesvirtualawlibrary
WHEREAS, therefore, it has become imperative to amend certain portions
of the Academy's Charter to enable it to respond to change and to
discharge its functions adequately;chanroblesvirtualawlibrary
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines,
by virtue of the powers vested in me by the Constitution of the
Philippines, do hereby order and decree that: Sections 4 and 9 of
Presidential Decree No. 205 be, as they are hereby amended to read as
follows:cralaw:red
Sec. 4. Board of Trustees. —
The governance and policy direction of the Academy shall be vested in,
and its powers exercised by, a Board of Trustees, which shall be
composed of TWELVE (12) members, as follows:cralaw:red
(a) The Secretary of Finance
(b) Presidential Assistant
(c) The Secretary of National Defense
(d) The Director-General of the National Economic and
Development Authority
(e) The Governor of the Central Bank of the
Philippines
(f) The Chairman of the Board of Governors of the
Development Bank of the Philippines
(g) The General Manager of the Government Service
Insurance System
(h) The Administrator of the Social Security System
(i) The President of the Philippine National Bank
(j) One member, to be appointed for a term of two
years by the aforenamed Trustees, who shall be a Muslim Filipino of
national prominence
(k) The President of the Land Bank of the Philippines
(l) The President of the Academy chanroblesvirtualawlibrary
The Trustees shall not receive any compensation or remuneration for
their services as such, but they may be reimbursed for actual expenses
incurred in discharging the business of the Academy.
Sec. 9. Financial Support. —
Until such time as the Academy shall be financially self-sufficient,
its operations shall be financed through the contributions of the
founding institutions, parties to the memorandum agreement date May 11,
1973; A Development Academy of the Philippines Endowment Fund shall be
created for the purpose of attaining self-support capability for the
Academy, on the basis of contributions, investments, and other income
accruing to the Academy and its operations, and with the view of
terminating the need for annual contributions from the parties to the
said memorandum agreement. The endowment fund shall be administered as
a trust with the Board of Trustees of the Academy as trustee thereof.
THE PRINCIPAL OF THE SAID ENDOWMENT FUND SHALL NOT BE SUBJECT TO
IMPAIRMENT AND ONLY THE EARNINGS THEREOF SHALL BE AVAILABLE FOR
EXPENDITURES PROVIDED, THAT THE ACADEMY SHALL BE AUTHORIZED TO WITHDRAW
FROM THE SAID ENDOWMENT FUND FROM TIME TO TIME AMOUNTS NOT EXCEEDING
THREE MILLION PESOS (P3,000,000.00) AND PROVIDED, FURTHER, THAT THE
TOTAL OF SUCH AMOUNTS SHALL NOT EXCEED SIX MILLION PESOS
(P6,000,000.00) AT ANY ONE TIME AND PROVIDED FINALLY THAT EACH SUCH
AMOUNT WITHDRAWN SHALL BE FULLY PAID BACK INTO THE ENDOWMENT FUND OVER
A PERIOD NOT EXCEEDING THREE YEARS FROM DATE OF WITHDRAWAL. chanroblesvirtualawlibrary
For this purpose, the founding institutions are hereby authorized to
make contributions in the form of investments to the endowment fund, at
the rate of Three million pesos (P3,000,000.00) each in June 1973 and
Four and one-half million pesos (P4,500,000.00) in June 1975,
provisions of their respective charters to the contrary notwithstanding.
The LAND BANK OF THE PHILIPPINES is hereby included as one of the
developmental instrumentalities entitled to participate in the
governance and policy direction of the Development Academy of the
Philippines and shall support its programs by making financial and
other contributions to its operations in the same amounts and under the
same conditions as the original founding institutions, effective fiscal
year 1977.
Done in the City of Manila,
this 9th day of December, in the year of Our Lord, nineteen hundred and
seventy-six.
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