EXECUTIVE ORDER NO. 353 June 28, 1996
OBLIGATING AND GUARANTEEING THE DEPARTMENT OF FOREIGN AFFAIRS (DFA) LOAN WITH THE PHILIPPINE NATIONAL BANK AND ORDERING THE SECRETARY OF BUDGET AND MANAGEMENT TO INCLUDE IN THE DFA ANNUAL BUDGET APPROPRIATION FOR THE PURCHASE OF PROPERTIES FOR CY 1997, 1998, 1999, 2000 AND 2001 SUCH AMOUNTS NECESSARY TO AMORTIZE AND PAY OFF SAID GOVERNMENT LOAN
WHEREAS, it has been the declared policy of the government to upgrade shabby embassy chanceries and residences of the Philippine foreign service through the acquisition and financing of new properties, considering that these embassies shall become the showcase and center activities during the celebration abroad of the Philippine Centennial in 1998;
WHEREAS, the Department of Foreign Affairs (DFA) identified three properties that are available for acquisition in the cities of Madrid, Rome and Los Angeles;
WHEREAS, said properties have been assessed as adequate for the use of the foreign service, located in prominent and decent areas and easily accessible by public transport;
WHEREAS, after several meetings with Philippine National Bank (PNB)...
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Executive Orders
Obligating and guaranteeing the department of foreign affairs (DFA) loan with the philippine National bank and ordering the secretary of budget and management to include in the DFA annual budget appropriation for the purchase of properties for cy 1997, 1998, 1999, 2000 and 2001 such amounts necessary to amortize and pay off said government loan
Executive Order No. 353
Summary of Executive Order No. 353
Background and Policy:
- The government aims to upgrade shabby embassy chanceries and residences of the Philippine foreign service through property acquisition and financing, especially for the Philippine Centennial celebration in 1998.
Property Acquisition:
- The Department of Foreign Affairs (DFA) identified three properties for acquisition in Madrid, Rome, and Los Angeles.
- These properties were assessed as adequate for foreign service use, located in prominent and decent areas, and easily accessible by public transport.
Loan Agreement:
- The DFA agreed to enter into a loan agreement with the Philippine National Bank (PNB) for US$9,589,000 to purchase the three properties.
Loan Terms and Repayment:
- The loan will serve as bridge finance to purchase the three properties, payable in 5 years.
- The 1996 annual appropriations of the DFA for chancery rentals for the three posts shall initially pay for the interest.
- The budget appropriations for the purchase of properties for CY 1997, 1998, 1999, 2000, and 2001 shall pay for the loan amortization and payoff.
Executive Order:
- President Fidel V. Ramos obligates and guarantees the DFA loan with the PNB.
- The Secretary of the Budget and Management is ordered to include in the DFA annual budget appropriation for the purchase of properties for CY 1997, 1998, 1999, 2000, and 2001, such amounts necessary to amortize and pay off the government loan.
Background and Policy:
- The government aims to upgrade shabby embassy chanceries and residences of the Philippine foreign service through property acquisition and financing, especially for the Philippine Centennial celebration in 1998.
Property Acquisition:
- The Department of Foreign Affairs (DFA) identified three properties for acquisition in Madrid, Rome, and Los Angeles.
- These properties were assessed as adequate for foreign service use, located in prominent and decent areas, and easily accessible by public transport.
Loan Agreement:
- The DFA agreed to enter into a loan agreement with the Philippine National Bank (PNB) for US$9,589,000 to purchase the three properties.
Loan Terms and Repayment:
- The loan will serve as bridge finance to purchase the three properties, payable in 5 years.
- The 1996 annual appropriations of the DFA for chancery rentals for the three posts shall initially pay for the interest.
- The budget appropriations for the purchase of properties for CY 1997, 1998, 1999, 2000, and 2001 shall pay for the loan amortization and payoff.
Executive Order:
- President Fidel V. Ramos obligates and guarantees the DFA loan with the PNB.
- The Secretary of the Budget and Management is ordered to include in the DFA annual budget appropriation for the purchase of properties for CY 1997, 1998, 1999, 2000, and 2001, such amounts necessary to amortize and pay off the government loan.