Transferring the Balance and Receivables of the Filipino Retailers' Fund to the Cottage Industry Guarantee and Loan Fund (CIGLF)

EXECUTIVE ORDER NO. 915 October 15, 1983

TRANSFERRING THE BALANCE AND RECEIVABLES OF THE FILIPINO RETAILERS' FUND TO THE COTTAGE INDUSTRY GUARANTEE AND LOAN FUND (CIGLF)

WHEREAS, the Filipino Retailers' Fund (FRF) in the original amount of Twenty Million Pesos (P20,000,000.00) was created under Republic Act No. 1292 on June 15, 1955, to extend liberal credit facilities to bonafide Filipino retailers;

WHEREAS, of said Twenty Million Pesos, there remains an amount of THREE MILLION NINETY THOUSAND EIGHT HUNDRED THIRTY EIGHT PESOS AND 27/100 (P3,090,838.27) now deposited with the Philippine National Bank under a current account aside from receivables and collectibles from borrowers;

WHEREAS, it has been determined that it is no longer viable and economical to continue with the grant of loans to Filipino retailers and that the existing amount now on deposit with the Philippine National Bank will therefore remain dormant and unproductive unless transferred to another active subsisting fund;

WHEREAS, the Filipino Retailers' Fund can be integrated into the Cottage Industry Guarantee and Loan Fund (CIGLF) which is owned by...

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Summary of Executive Order No. 915

Abolition of the Filipino Retailers' Fund and Transfer of Balance to Cottage Industry Guarantee and Loan Fund (CIGLF)
- The Filipino Retailers' Fund (FRF) of P20,000,000 created under Republic Act No. 1292 in 1955 to extend credit to Filipino retailers is abolished. (Section 1)
- The remaining balance of P3,090,838.27 in the FRF deposited with the Philippine National Bank is transferred to the Cottage Industry Guarantee and Loan Fund (CIGLF) owned by the National Cottage Industries Development Authority (NACIDA) and administered by the Central Bank of the Philippines. (Section 1)

Transfer of Receivables and Collectibles to CIGLF
- All receivables, collectibles, and other amounts due to the FRF shall be transferred and integrated into the CIGLF. (Section 2)
- NACIDA shall implement measures to collect all such receivables, collectibles, and other amounts. (Section 2)
- The Philippine National Bank shall continue as the official depository bank for this purpose and shall accept payments for the account of CIGLF. (Section 2)

Transfer of Records and Documents
- All records, papers, and documents of the FRF shall be immediately transferred to NACIDA. (Section 3)

Implementation Procedures
- The Central Bank of the Philippines, the Philippine National Bank, and NACIDA shall work out procedures to effect the fund transfers. (Section 4)

Repealing Clause
- Any provision of existing laws, decrees, orders, or regulations inconsistent with this Order is repealed or amended accordingly. (Section 5)

Effectivity
- This Order shall take effect immediately. (Section 6)