EXECUTIVE ORDER NO. 364 August 23, 1996
CREATING THE NATIONAL COMMISSION ON SAVINGS
WHEREAS, Philippines 2000, the Filipino people's vision of newly industrialized country's status by the year 2000, recognizes that economic progress and development can be hastened by increasing capital formation by saving with banks and other financial intermediaries;
WHEREAS, in the drive towards Philippines 2000, all sectors of society should be made aware of the vital role of savings in economic development;
WHEREAS, to generate financial resources, capital formation should be accelerated by encouraging the public to save in banks and other financial intermediaries;
WHEREAS, it is vital to instill in the minds of the public the importance of saving for sustained economic development, and as such, a continuing nationwide information, educational and communication campaign shall be instituted that will involve all sectors of society and all levels of government;
WHEREAS, Proclamation No. 380, dated 15 May 1994 was issued "Declaring the Period from June 30 to July 6, 1994 and Every Year Thereafter as Savings Consciousness Week."
NOW, THEREFOR, I,...
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Executive Orders
Creating the National commission on savings
Executive Order No. 364
Summary of Executive Order No. 364
Creating the National Commission on Savings
- Recognizes the importance of capital formation through savings in banks and financial intermediaries for economic progress and development (Preamble)
- Aims to raise public awareness on the vital role of savings in economic development (Preamble)
- Seeks to accelerate capital formation by encouraging public to save in banks and financial intermediaries (Preamble)
- Establishes a nationwide information, education, and communication campaign on the importance of saving (Preamble)
Composition of the National Commission on Savings (Section 1)
- Chaired by the Secretary of Finance or representative
- Co-Chaired by the Governor of Bangko Sentral ng Pilipinas and Secretary of Education, Culture and Sports or representatives
- Members include representatives from Department of Interior and Local Government, National Economic and Development Authority, Office of the Press Secretary, Bankers Association of the Philippines, Rural Bankers Association of the Philippines, and Chamber of Thrift Banks
- Assisted by a Working Committee and Secretariat
Responsibilities of the Commission (Section 2)
- Prepare and implement measures and programs to mobilize savings nationwide
- Launch a savings consciousness and promotions campaign involving all sectors of society
- Conduct periodic surveys and studies on savings habits, attitudes, marketing campaigns, and other related activities
- Undertake studies for including thrift and savings consciousness in basic education and literacy programs
- Evolve and recommend policies to the President to provide incentives for increased savings in banks and financial intermediaries
Support and Resources (Section 3)
- Department of Finance, Bangko Sentral ng Pilipinas, Department of Education, Culture and Sports, Department of Interior and Local Government, and National Economic and Development Authority to share initial budgetary requirements, staff, and other support
- Commission to prepare its own annual budget thereafter
Continuation of TIPID Movement (Section 4)
- The Thrift Incentives for Progress through Industry and Discipline (TIPID) movement, designed to instill thrift and importance of saving in students, shall be continued and carried out nationwide
Authority to Engage Consultants/Agencies (Section 5)
- Commission is authorized to engage qualified consultants/agencies for assistance in promotion, campaign, savings activities requiring specific expertise
Authority to Call for Assistance (Section 6)
- Commission may call upon any government department, bureau, instrumentality, or government-owned/controlled corporation for assistance
- Commission may delegate authority and responsibility to corporations, associations, or individuals as necessary
Honoraria and Allowances (Section 7)
- Commission members, Working Committee, and Secretariat to receive honoraria or allowances as allowed under existing accounting and auditing rules
Effectivity (Section 8)
- Executive Order takes effect immediately upon signing on August 23, 1996
Creating the National Commission on Savings
- Recognizes the importance of capital formation through savings in banks and financial intermediaries for economic progress and development (Preamble)
- Aims to raise public awareness on the vital role of savings in economic development (Preamble)
- Seeks to accelerate capital formation by encouraging public to save in banks and financial intermediaries (Preamble)
- Establishes a nationwide information, education, and communication campaign on the importance of saving (Preamble)
Composition of the National Commission on Savings (Section 1)
- Chaired by the Secretary of Finance or representative
- Co-Chaired by the Governor of Bangko Sentral ng Pilipinas and Secretary of Education, Culture and Sports or representatives
- Members include representatives from Department of Interior and Local Government, National Economic and Development Authority, Office of the Press Secretary, Bankers Association of the Philippines, Rural Bankers Association of the Philippines, and Chamber of Thrift Banks
- Assisted by a Working Committee and Secretariat
Responsibilities of the Commission (Section 2)
- Prepare and implement measures and programs to mobilize savings nationwide
- Launch a savings consciousness and promotions campaign involving all sectors of society
- Conduct periodic surveys and studies on savings habits, attitudes, marketing campaigns, and other related activities
- Undertake studies for including thrift and savings consciousness in basic education and literacy programs
- Evolve and recommend policies to the President to provide incentives for increased savings in banks and financial intermediaries
Support and Resources (Section 3)
- Department of Finance, Bangko Sentral ng Pilipinas, Department of Education, Culture and Sports, Department of Interior and Local Government, and National Economic and Development Authority to share initial budgetary requirements, staff, and other support
- Commission to prepare its own annual budget thereafter
Continuation of TIPID Movement (Section 4)
- The Thrift Incentives for Progress through Industry and Discipline (TIPID) movement, designed to instill thrift and importance of saving in students, shall be continued and carried out nationwide
Authority to Engage Consultants/Agencies (Section 5)
- Commission is authorized to engage qualified consultants/agencies for assistance in promotion, campaign, savings activities requiring specific expertise
Authority to Call for Assistance (Section 6)
- Commission may call upon any government department, bureau, instrumentality, or government-owned/controlled corporation for assistance
- Commission may delegate authority and responsibility to corporations, associations, or individuals as necessary
Honoraria and Allowances (Section 7)
- Commission members, Working Committee, and Secretariat to receive honoraria or allowances as allowed under existing accounting and auditing rules
Effectivity (Section 8)
- Executive Order takes effect immediately upon signing on August 23, 1996