Presidential Decree No. 711 (PD 711) — Abolishing All Existing Special and Fiduciary Funds and Transferring to the General Fund the Operations and Funding of All Special and Fiduciary Funds.
WHEREAS, the current pattern of social and economic
development being undertaken by the (National Government is based upon a
structural system of priorities of all continuing, coordinated, and
fully integrated social and economic plans and programs;
WHEREAS, there are various distinct, separate and special
projects previously authorized to be implemented and funded from special
and fiduciary funds which, in some cases, are no longer in conformity
with the present development program and/or otherwise run counter to the
objectives of social and economic plans formulated consistent with
national development goals;
WHEREAS, there are special and fiduciary funds the purposes
for which such funds were created had been fulfilled or abandoned, or
that the laws creating such special and fiduciary funds contain certain
restrictions such that the objectives for which the funds were created
cannot be fully attained resulting in the accumulation of big cash
balances in the special and fiduciary funds involved;
WHEREAS, the accumulation of big cash balances in special
and fiduciary funds is adversely affecting the management and control of
such cash resources in the National Treasury, resulting in the useless
immobilization of public funds which otherwise could be advantageously
availed of to finance the prosecution of various essential public
services;
WHEREAS, the transfer of the funding and operation of all
existing special and fiduciary funds into the general fund would
facilitate the implementation of social and economic programs and
projects of the government for the benefit and general welfare of the
masses;
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the
Philippines, by virtue of the powers in me vested by the Constitution,
do hereby order and decree:
SECTION 1. All existing special and fiduciary funds are
hereby abolished and all assets, liabilities, surpluses and
appropriations pertaining to all special and fiduciary funds as
authorized by the corresponding acts, laws, or decrees creating such
special and fiduciary funds, as well as the financing and operations
thereof, are hereby transferred to the General Fund of the National
Government; provided that the personnel whose salaries and/or wages are
drawn from such special and fiduciary funds shall be paid out of the
General Fund subject to the provisions of Section 2 hereof.
SEC. 2. The existing functions and activities authorized
under present laws creating each of the special and fiduciary funds
which, as determined by the National Economic and Development Authority,
are in conformity with the present social and economic plans and
programs formulated consistent with national development goals shall
continue to be maintained under the General Fund. All taxes, levies,
fees, imposts and other income of all special and fiduciary funds duly
authorized under existing laws shall remain in force and shall accrue to
the General Fund.
SEC. 3. The Secretary of Finance, the Commissioner of the
Budget, and the Chairman of the Commission on Audit shall issue the
necessary rules and regulations for the effective implementation of the
provisions of this Decree.
SEC. 4. All existing laws, decrees and letters of
instructions, as well as rules and regulations, which are inconsistent
with the provisions of this Decree are hereby repealed and/or modified
accordingly.
SEC. 5. This Decree shall take effect on July 1, 1975.
Done in the City of Manila, this 27th day of May, in the year of Our
Lord, nineteen hundred and seventy-five.
(Sgd.)
FERDINAND E. MARCOS
President
Republic of the Philippines
By the President:
(Sgd.)
ALEJANDRO MELCHOR
Executive Secretary
Source: Supreme Court E-Library, Republic of the Philippines. Philippine laws are public documents (works of the government).
