EXECUTIVE ORDER NO. 267 July 25, 1995
PROVIDING FOR THE ISSUANCE OF NATIONAL GOVERNMENT BINDS TO BE KNOWN AS AGRARIAN REFORM (AR) BONDS
WHEREAS, Section 18 of Republic Act No. 6657, otherwise known as the Comprehensive Agrarian Reform Law, allows the compensation landholdings subject to the Government's Comprehensive Agrarian Reform Program (CARP) to be paid in government financial instruments negotiable at any time;
WHEREAS, National Government Bonds fall within term "government financial instruments negotiable at any time."
NOW, THEREFORE, I, FIDEL V. RAMOS, President of the Philippines, by virtue of the powers vested in me by law, do hereby order:
1. The issuance of Agrarian Reform (AR) Bonds for CARP payments and carrying of said AR Bonds in the books of the National Government. The AR Bonds, which shall be used by the Land Bank of the Philippines (LBP) for land transfer payments under the agrarian reform program in accordance with existing law, shall have the same features as the LBP Bonds under the CARP;
2. The segregation of the accounts of CARP-related...
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Executive Orders
Providing for the issuance of National government binds to be known as agrarian reform (ar) bonds
Executive Order No. 267
Summary of Executive Order No. 267
Issuance of Agrarian Reform (AR) Bonds
- Provides for the issuance of Agrarian Reform (AR) Bonds to be used by the Land Bank of the Philippines (LBP) for land transfer payments under the Comprehensive Agrarian Reform Program (CARP) in accordance with existing law.
- The AR Bonds shall have the same features as the LBP Bonds under the CARP. (Section 1)
Segregation of CARP-related Transactions
- Requires the segregation of accounts of CARP-related transactions in the books of account maintained by the Land Bank of the Philippines, except those specifically shouldered by the LBP. (Section 2)
Entrustment of Agrarian Reform Fund (ARF)
- Directs the enactment in trust with the Land Bank of the Philippines of such portions of the Agrarian Reform Fund (ARF) and other funds authorized by law for the CARP, as directed by the Department of Finance/Bureau of Treasury in compliance with the provisions of the agrarian reform law. (Section 3)
Implementation Provisions
- The Department of Finance, LBP, Department of Budget and Management, Bureau of Treasury, and other concerned agencies are directed to coordinate on the printing, issuance, servicing, and safekeeping of AR Bonds, the segregation of CARP-related transactions in LBP's books, and the placement of the ARF in trust with LBP. (Section 4)
- LBP's functions and responsibilities in the CARP, as defined in the law, will be fully maintained. (Section 4a)
- LBP will continue to be the principal agency handling land transfer payments to landowners. (Section 4b)
- Separate financial statements and records will be maintained for CARP-related transactions, and LBP will be responsible for the administration of all the ARF funds entrusted to it or brought under its control. (Section 4c)
Issuance of Agrarian Reform (AR) Bonds
- Provides for the issuance of Agrarian Reform (AR) Bonds to be used by the Land Bank of the Philippines (LBP) for land transfer payments under the Comprehensive Agrarian Reform Program (CARP) in accordance with existing law.
- The AR Bonds shall have the same features as the LBP Bonds under the CARP. (Section 1)
Segregation of CARP-related Transactions
- Requires the segregation of accounts of CARP-related transactions in the books of account maintained by the Land Bank of the Philippines, except those specifically shouldered by the LBP. (Section 2)
Entrustment of Agrarian Reform Fund (ARF)
- Directs the enactment in trust with the Land Bank of the Philippines of such portions of the Agrarian Reform Fund (ARF) and other funds authorized by law for the CARP, as directed by the Department of Finance/Bureau of Treasury in compliance with the provisions of the agrarian reform law. (Section 3)
Implementation Provisions
- The Department of Finance, LBP, Department of Budget and Management, Bureau of Treasury, and other concerned agencies are directed to coordinate on the printing, issuance, servicing, and safekeeping of AR Bonds, the segregation of CARP-related transactions in LBP's books, and the placement of the ARF in trust with LBP. (Section 4)
- LBP's functions and responsibilities in the CARP, as defined in the law, will be fully maintained. (Section 4a)
- LBP will continue to be the principal agency handling land transfer payments to landowners. (Section 4b)
- Separate financial statements and records will be maintained for CARP-related transactions, and LBP will be responsible for the administration of all the ARF funds entrusted to it or brought under its control. (Section 4c)