Amending Paragraphs Four And Nine Of Presidential Decree No. 205
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Amending Paragraphs Four And Nine Of Presidential Decree No. 205
Presidential Decree No. 1061
December 9, 1976
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Amending Paragraphs Four and Nine of Presidential Decree No. 205Board of Trustees (Section 4):
- The governance and policy direction of the Academy shall be vested in a Board of Trustees composed of 12 members:
• The Secretary of Finance
• Presidential Assistant
• The Secretary of National Defense
• The Director-General of the National Economic and Development Authority
• The Governor of the Central Bank of the Philippines
• The Chairman of the Board of Governors of the Development Bank of the Philippines
• The General Manager of the Government Service Insurance System
• The Administrator of the Social Security System
• The President of the Philippine National Bank
• One member, to be appointed for a term of two years by the aforenamed Trustees, who shall be a Muslim Filipino of national prominence
• The President of the Land Bank of the Philippines
• The President of the Academy
- The Trustees shall not receive any compensation or remuneration for their services, but may be reimbursed for actual expenses.
Financial Support (Section 9):
- Until the Academy becomes financially self-sufficient, its operations shall be financed through contributions from the founding institutions.
- A Development Academy of the Philippines Endowment Fund shall be created to attain self-support capability, based on contributions, investments, and other income.
- The endowment fund shall be administered as a trust with the Board of Trustees as trustee.
- The principal of the endowment fund shall not be subject to impairment, and only the earnings shall be available for expenditures.
- The Academy is authorized to withdraw from the endowment fund amounts not exceeding Three Million Pesos (P3,000,000.00), with a total limit of Six Million Pesos (P6,000,000.00) at any one time, provided that each amount withdrawn shall be fully paid back into the endowment fund over a period not exceeding three years from the date of withdrawal.
- The founding institutions are authorized to make contributions 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.
- The Land Bank of the Philippines is included as one of the developmental instrumentalities entitled to participate in the governance and policy direction of the Academy, 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.
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Amending Paragraphs Four And Nine Of Presidential Decree No. 205
Presidential Decree No. 1061
•December 9, 1976
MALACAÑANGM a n i l a
PRESIDENTIAL DECREE No. 1061 December 9, 1976
AMENDING PARAGRAPHS FOUR AND NINE OF PRESIDENTIAL DECREE NO. 205
WHEREAS, the programs and activities of the Development Academy of the Philippines have expanded greatly since its establishment;
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;
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;
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;
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;
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of...
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