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PRESIDENTIAL DECREE NO. 1930
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PRESIDENTIAL DECREE NO. 1930 -
RATIONALIZING GOVERNMENT CORPORATE INVESTMENTS AND FINANCING
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WHEREAS,
the success of ongoing economic stabilization efforts significantly
hinges on the control of the public sector deficit within manageable
limits;chanroblesvirtualawlibrary
WHEREAS, the public sector deficit exerts pressures on the balance of
payment deficit, and;chanroblesvirtualawlibrary
WHEREAS, government corporate operations have contributed significantly
to the public deficit in the recent past. chanroblesvirtualawlibrary
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Republic of
the Philippines, by virtue of the powers vested in me by the
Constitution, do hereby order the following:cralaw:red
1. Any provision of law to the contrary
notwithstanding, all direct borrowings from domestic and foreign
sources by government-owned and\or controlled corporations, including
their subsidiaries, as well as loan guarantees extended by them, shall
have the prior approval of the President, upon recommendation of the
Prime Minister.
2. Government-owned and\or controlled corporations,
including their subsidiaries shall submit their Capital Investment
Programs for prior approval of the President, thru and upon
recommendation of the Prime Minister. All such programs shall be based
on attainable levels of resources from borrowings, internal cash
generations, and feasible equity of subsidy contributions from the
general fund. The implementation of such programs shall be guided by
pertinent existing laws and administrative issuances including
Executive Order Nos. 518 and 936.
The implementing details of this decree shall be formulated by the
Government Corporate Monitoring Committee (GCMC) established by
Executive Order No. 936 and shall be promulgated by the Prime
Minister. chanroblesvirtualawlibrary
Done in the City of Manila,
this 6th day of June in the year of Our Lord, nineteen hundred and
eighty-four.
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