MALACAÑAN PALACE
MANILABY THE PRESIDENT OF THE PHILIPPINES
EXECUTIVE ORDER No. 558-A
CLARIFYING THE OVERALL FRAMEWORK IN THE IMPLEMENTATION OF GOVERNMENT CREDIT PROGRAMS AS CONTEMPLATED UNDER E.O. 558 DATED 8 AUGUST 2006
I, GLORIA MACAPAGAL-ARROYO, by virtue of the powers vested in me by law do hereby order:
SECTION 1. With reference to Executive Order No. 558 dated 8 August 2006 repealing Executive Order No. 138, dated August 10, 1999, the following directives clarifying the overall framework in the implementation of government credit programs are hereby promulgated:
1. Credit programs to be implemented under the auspices of EO 558 shall support the poverty alleviation thrusts of the government and shall focus only on the municipalities and barangays currently identified by the People’s Credit and Finance Corporation (PCFC) as areas where there are no identified and available participating financial institutions (PFIs) such as banks, cooperatives and non-governmental organizations that serve the needs of the poor and the marginalized sectors of the economy (to be subsequently referred to as “unserved areas”).
2. The Department of...
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Executive Orders
Clarifying The Overall Framework In The Implementation Of Government Credit Programs As Contemplated Under E.O. 558 Dated 8 August 2006
Executive Order No. 558-a
Overall Framework in the Implementation of Government Credit Programs
- Credit programs under this law shall support poverty alleviation and focus only on unserved areas where there are no identified participating financial institutions (PFIs) serving the poor and marginalized sectors. (Section 1.1)
- The Department of Social Welfare and Development (DSWD) shall implement and provide necessary credit assistance and support services in unserved areas:
- Livelihood support program including social preparation, capacity building, and business development services to help clients access PFIs. (Section 1.2.a)
- Provide livelihood credits with interest rates comparable to Quedancor. (Section 1.2.b)
- Simplify loan documentation and processes for fast approval and disbursement. (Section 1.2.c)
- The People's Credit and Finance Corporation (PCFC) shall identify and support potential PFIs willing to operate in unserved areas, monitor DSWD's program, and submit periodic reports to the National Anti-Poverty Commission. (Sections 1.2.d, 1.2.e)
- Other credit programs by government non-financial agencies and government-owned and controlled corporations require specific approval by the President. (Section 1.3)
- Government agencies shall provide proactive support and technical assistance to enable micro and small enterprises to become viable and sustainable. (Section 1.4)
- Credit programs under this law shall support poverty alleviation and focus only on unserved areas where there are no identified participating financial institutions (PFIs) serving the poor and marginalized sectors. (Section 1.1)
- The Department of Social Welfare and Development (DSWD) shall implement and provide necessary credit assistance and support services in unserved areas:
- Livelihood support program including social preparation, capacity building, and business development services to help clients access PFIs. (Section 1.2.a)
- Provide livelihood credits with interest rates comparable to Quedancor. (Section 1.2.b)
- Simplify loan documentation and processes for fast approval and disbursement. (Section 1.2.c)
- The People's Credit and Finance Corporation (PCFC) shall identify and support potential PFIs willing to operate in unserved areas, monitor DSWD's program, and submit periodic reports to the National Anti-Poverty Commission. (Sections 1.2.d, 1.2.e)
- Other credit programs by government non-financial agencies and government-owned and controlled corporations require specific approval by the President. (Section 1.3)
- Government agencies shall provide proactive support and technical assistance to enable micro and small enterprises to become viable and sustainable. (Section 1.4)