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PRESIDENTIAL DECREE NO. 695
PRESIDENTIAL DECREE NO. 695 -
APPROPRIATING THE SUM OF THIRTY MILLION PESOS TO AUGMENT THE RESOURCES
OF THE INDUSTRIAL GUARANTEE AND LOAN FUND
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WHEREAS,
the Industrial Guarantee and Loan Fund (IGLF) has been constituted to
provide for necessary financing of small and medium-scale industries
(SMSI) throughout the country;chanroblesvirtualawlibrary
WHEREAS, the availment of IGLF financing has been such that its funds
have been depleted and unless immediately augmented, IGLF operations
will have to be suspended to the detriment of numerous applicants whose
projects have been approved;chanroblesvirtualawlibrary
WHEREAS, under the original agreement which set up the IGLF Fund
between the Philippine Government and the United States Agency for
International Development (AID) both parties are authorized to augment
of the IGLF; chanroblesvirtualawlibrary
WHEREAS, a counterpart contribution of Thirty Million Pesos (P30 M) is
required for the IGLF to match the proposed loan of Twelve Million
Dollars ($12 M) from the International Bank for Reconstruction and
Development (IBRD) as part of a loan package for SMSI;chanroblesvirtualawlibrary
NOW, THEREFORE, I, FERDINAND E. MARCOS, by virtue of the powers vested
in me by the Constitution do hereby decree and order the following
measure as part of the law of the land:cralaw:red
Section 1. The amount of Thirty Million Pesos (P30 M)
is hereby appropriated from the funds of the National Treasury and
otherwise appropriated to the National Economic and Development
Authority, as custodian of the IGLF, in order to augment the resources
of the Industrial Guarantee and Loan Fund to be administered by the
Central Bank of the Philippines.
Section 2. This Decree shall take effect immediately.
DONE in the City of Manila,
this 8th day of May, in the year of Our Lord, nineteen hundred and
seventy-five.
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