WHEREAS, under Presidential Decree No. 85 dated December 24,
1972, an Agrarian Reform Fund Commission has been established to
mobilize and harness properly all available government resources for the
massive funding requirements of agrarian reform as envisioned in
Presidential Decree No. 27;
WHEREAS, under Presidential Decree No. 251 dated July 21,
1973, the Land Bank of the Philippines has been revitalized by the grant
of additional powers, and increased capitalization to cope with the
implementation requirements of the agrarian reform program;
WHEREAS, while Presidential Decree No. 251 intended to
consolidate in the Land Bank of the Philippines all functions related to
the financing aspects of agrarian reform program by transferring
certain functions of the Agrarian Reform Fund Commission to the Land
Bank of the Philippines, the function of gathering resources was left
with the Agrarian Reform Fund Commission;
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the
Philippines, by virtue of the powers in me vested by the Constitution,
do hereby order the transfer of the assets and liabilities of the
Agrarian Reform Fund Commission together with the rights and obligations
appurtenent thereto including the power to draw and acquire resources
from the various government financial institutions and other sources as
embodied in Section 1 of Presidential Decree No. 85, to the Land Bank of
the Philippines.
Presidential Decree No. 85 dated December 24, 1972 is hereby
repealed and all other laws, executive orders, rules and regulations or
parts thereof inconsistent with this Decree are likewise repealed or
modified accordingly.
This Decree shall take effect upon its
approval.
Done in the City of Manila, this 17th day of May, in the year of
Our Lord, nineteen hundred and seventy-four.
(Sgd.)
FERDINAND E. MARCOS
President of the Philippines
By the President:
(Sgd.)
ALEJANDRO MELCHOR
Executive Secretary