Providing for the Abolition of the Agricultural Credit Administration and Transferring Its Functions to the Land Bank of the Philippines

EXECUTIVE ORDER NO. 816 July 8, 1982

PROVIDING FOR THE ABOLITION OF THE AGRICULTURAL CREDIT ADMINISTRATION AND TRANSFERRING ITS FUNCTIONS TO THE LAND BANK OF THE PHILIPPINES

WHEREAS, under the new Republic, national economic development shall be pursued with renewed dedication and greater determination through a more efficient, effective, and economical government;

WHEREAS, there is need for a more integrated approach to certain aspects of the agrarian reform program, particularly in the design and implementation by government corporations of their financial and extension programs;

WHEREAS, to effectively attain this integration, a single institutional mechanism is preferable to improve upon the utilization of available resources for the provision of adequate and timely financial assistance to the beneficiaries of the agrarian reform program, and to enable financial assistance to be provided on a more integrated basis;

WHEREAS, it is not generally desirable to have separate government corporate entities providing less risky and more risky loans to the same borrowing clientele;

WHEREAS, under Presidential Decree No. 1416 as amended, the President is empowered to...

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ABOLITION OF THE AGRICULTURAL CREDIT ADMINISTRATION AND TRANSFER OF ITS FUNCTIONS TO THE LAND BANK OF THE PHILIPPINES

- The Agricultural Credit Administration (ACA) is abolished. (Section 1)
- ACA's functions, assets, liabilities, appropriations, records, equipment, and property are transferred to the Land Bank of the Philippines (LBP). (Section 1)
- The net assets of ACA shall be valued jointly by LBP, Office of Budget and Management, and Commission on Audit. (Section 1)
- All valid existing contracts of ACA with public and private domestic and foreign parties shall be honored by LBP. (Section 2)
- LBP is authorized to issue orders, rules, and regulations to implement this Executive Order, including organizational changes to absorb ACA's functions. (Section 3)
- LBP may appoint qualified ACA personnel to appropriate positions, and those not appointed are deemed laid off with entitled benefits and gratuities under existing laws. (Section 3)
- Incumbents of ACA positions shall continue their functions pending implementing orders from LBP. (Section 4)
- Inconsistent laws, decrees, orders, proclamations, rules, and regulations are repealed or modified accordingly. (Section 5)
- Unconstitutional portions shall not nullify other provisions if remaining portions can still accomplish the objectives. (Section 6)
- This Executive Order takes effect immediately. (Section 7)