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Executive Orders

Creating a National Commission on Savings

Executive Order No. 415

EXECUTIVE ORDER NO. 415 June 29, 1973

CREATING A NATIONAL COMMISSION ON SAVINGS

WHEREAS, the national four-year economic development plan for FY 1974-77 has established the national target of an average national real growth rate of 7% in gross national product and, to attain this objectives, gross domestic capital formation should increase at an average annual rate of 12%;

WHEREAS, in order to accelerate capital formation, savings with banks and other financial intermediaries, which are vital factors contributory to capital formation, have to be generated and increased so that credits evolved therefrom could be channeled to, and utilized in, priority industrial and production areas;

WHEREAS, on the other hand, increased savings in banks and other financial intermediaries could be generated only if the extreme importance of savings, insofar as it relates to the country's economic development, is inculcated in the minds of the citizenry through a continuing campaign that will involve all sectors of society and all levels of the government-national, provincial, city and barrio;

NOW, THEREFORE, I, FERDINAND E. MARCOS,...

EXECUTIVE ORDER NO. 415

Purpose: To create a National Commission on Savings to accelerate capital formation through non-inflationary means, particularly through savings with banks and other financial intermediaries. (Preamble)

Composition of the Commission: (Section 1)
- Governor, Central Bank, Chairman
- Secretary of Finance, Vice-Chairman
- Director General, National Economic and Development Authority, Member
- Secretary, Department of Education and Culture, Member
- Chairman, Board of Investments, Member

Responsibilities of the Commission: (Section 2)
- Prepare and implement measures and programs to mobilize savings on a nationwide scale, including:
    - Launching a savings consciousness and promotions campaign involving all sectors of society.
    - Conducting periodic surveys and studies of savings habits, attitudes, marketing campaigns, and other similar activities.
    - Undertaking studies for the inclusion of thrift, savings consciousness, and responsible use of credit in the curriculum for elementary and secondary schools.
- Evolve and recommend fiscal policies to the President to provide incentives for increased savings with banks and other financial intermediaries.
- Study ways for Government entities and agencies to fully utilize services and facilities of the banking system.

Support for the Commission: (Section 3)
- The Central Bank of the Philippines shall provide staff, financial, material, and other support and assistance required by the Commission.
- The Central Bank shall ensure, through policy formulation, that accumulated savings are channeled to and utilized in priority industrial and production areas.

Authority of the Commission: (Section 4)
- The Commission is authorized to call upon any government department, bureau, office, agency, or instrumentality, including government-owned or controlled corporations, for assistance.
- The Commission may delegate any of its authority and responsibilities to corporations, associations, or individuals, if necessary, to accomplish its objectives.

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