EXECUTIVE ORDER NO. 185 June 5, 1987
EXPANDING THE POWERS OF THE BOARD OF DIRECTORS OF THE PHILIPPINE EXPORT AND FOREIGN LOAN GUARANTEE CORPORATION UNDER PRESIDENTIAL DECREE NO. 1080
WHEREAS, the Philippine Export and Foreign Loan Guarantee Corporation (Philguarantee) is a wholly owned government corporation entrusted with the task of providing guarantee coverage for approved foreign loans and service contractors to promote and facilitate the entry of these resources into the economy of the nation;
WHEREAS, the Philippine Export and Foreign Loan Guarantee Corporation, in the pursuit of its objectives, extended and issued its guarantees and counterguarantees for accounts of various exporters and contractors which are presently encountering operational and financial difficulties due to the prevailing economic conditions in the country;
WHEREAS, there is a need to amend the Charter of the Philippine Export and Foreign Loan Guarantee Corporation to expand the powers of its Board of Directors to make it more responsive to the demands of the current economic, circumstances;
WHEREAS, the Government is willing to provide the necessary...
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Executive Orders
Expanding the Powers of the Board of Directors of the Philippine Export and Foreign Loan Guarantee Corporation Under Presidential Decree No. 1080
Executive Order No. 185
Summary of Executive Order No. 185
Expanding the Powers of the Board of Directors of the Philippine Export and Foreign Loan Guarantee Corporation (Philguarantee)
- Philguarantee is a government corporation that provides guarantee coverage for approved foreign loans and service contractors to promote economic growth. (Preamble)
- Philguarantee has issued guarantees and counterguarantees for exporters and contractors facing operational and financial difficulties due to economic conditions. (Preamble)
- The order amends the Charter of Philguarantee to expand the powers of its Board of Directors to make it more responsive to current economic circumstances. (Preamble)
Powers of the Board of Directors (Section 1)
- Formulate policies to carry out the provisions of the Decree. (Section 1(a))
- Prepare and issue necessary rules and regulations for effective discharge of responsibilities and exercise of powers. (Section 1(b))
- Direct management operations and administration of the Corporation. (Section 1(c))
- Appoint, fix remunerations and remove personnel, except for positions considered policy-determining, primarily confidential or highly technical in nature which shall not be subject to the Civil Service Law. (Section 1(d))
- Authorize expenditure by the Corporation for effective administration and operations. (Section 1(e))
- Compromise or release, in whole or in part, any claim or settled liability to the Corporation regardless of the amount involved, under terms and conditions to protect/promote the interest of the Corporation. (Section 1(f))
Other Provisions
- All inconsistent laws, orders, issuances, rules and regulations are repealed or modified accordingly. (Section 2)
- The Executive Order takes effect immediately. (Section 3)
Expanding the Powers of the Board of Directors of the Philippine Export and Foreign Loan Guarantee Corporation (Philguarantee)
- Philguarantee is a government corporation that provides guarantee coverage for approved foreign loans and service contractors to promote economic growth. (Preamble)
- Philguarantee has issued guarantees and counterguarantees for exporters and contractors facing operational and financial difficulties due to economic conditions. (Preamble)
- The order amends the Charter of Philguarantee to expand the powers of its Board of Directors to make it more responsive to current economic circumstances. (Preamble)
Powers of the Board of Directors (Section 1)
- Formulate policies to carry out the provisions of the Decree. (Section 1(a))
- Prepare and issue necessary rules and regulations for effective discharge of responsibilities and exercise of powers. (Section 1(b))
- Direct management operations and administration of the Corporation. (Section 1(c))
- Appoint, fix remunerations and remove personnel, except for positions considered policy-determining, primarily confidential or highly technical in nature which shall not be subject to the Civil Service Law. (Section 1(d))
- Authorize expenditure by the Corporation for effective administration and operations. (Section 1(e))
- Compromise or release, in whole or in part, any claim or settled liability to the Corporation regardless of the amount involved, under terms and conditions to protect/promote the interest of the Corporation. (Section 1(f))
Other Provisions
- All inconsistent laws, orders, issuances, rules and regulations are repealed or modified accordingly. (Section 2)
- The Executive Order takes effect immediately. (Section 3)