Presidential Decree No. 792 (PD 792) — Creating the Presidential Committee on Agricultural Credit Philippines
WHEREAS, the agricultural sector generates employment for
almost half of the entire Filipino population and accounts for one-third
of the gross domestic product;
WHEREAS, further agricultural development is essential not
only for the efficient utilization of available land and manpower
resources but for the success of our effort to produce enough food for
our people;
WHEREAS, credit is a crucial key to agricultural
development, as proven by the Masagana 99 program;
WHEREAS, our credit resources are limited and must be
channelled to areas where they are most needed and where they will
generate the greatest social and economic benefits to our farmers;
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the
Philippines, by virtue of the powers vested in me by the Constitution,
do hereby order and decree that:
SECTION 1. A Presidential Committee on Agricultural Credit
(PCAC) shall be immediately created with the Governor of the Central
Bank as Chairman, the Secretary of Agriculture as Vice-Chairman and the
following as members:
The Director-General
National Economic and Development Authority
The Secretary
Department of Local Government and Community Development
The Secretary
Department of Natural Resources
The Secretary
Department of Agrarian Reform
The President
Philippine National Bank
The Chairman of the Board of Governors
Development Bank of the Philippines
The President
Land Bank of the Philippines
SEC. 2. The PCAC shall:
Advise all government financial institutions on matters
related to agricultural credit programs;
Review ongoing and proposed agricultural credit programs, and
recommend modifications where necessary;
Ensure coordination in the implementation of agricultural
credit programs, not only among financial institutions, but also between
these institutions and government agencies involved in the
implementation of said programs;
Synchronize credit programs for production with credit programs
for such activities as (1) land development and improvement, (2)
farm mechanization, (3) production and supply of agricultural inputs,
(4) transportation and storage, (5) processing, (6) marketing,
and other related activities;
Establish priorities and set loan ceilings for the purpose of
allocating scarce credit resources;
Exercise the same authority over institutions not mentioned
above but involved in agricultural credit, and whose funds are derived,
even if only partially, from the above-named institutions.
SEC. 3. A Technical Board for Agricultural Credit (TBAC)
shall be created simultaneously with the PCAC to assist the PCAC in the
implementation of the aforementioned functions. The TBAC shall have the
Deputy Governor of the Central Bank for Bank Supervision and Examination
as Chairman, and the following, or their respective representatives,
as members:
The Undersecretary for Cooperatives
Department of Local Government and Community Development
The Assistant Secretary
Department of Agriculture
The Assistant Secretary
Department of Natural Resources
The Assistant Director-General
Programs and Projects Office
National Economic and Development Authority
The Bank Economist and Vice-President
Philippine National Bank
The Executive Director
National Food and Agriculture Council
The Assistant Secretary and Director of the Bureau of Farm
Management
Department of Agrarian Reform
The Administrator
Agricultural Credit Administration
The Manager of the Agricultural Department
Development Bank of the Philippines
The Senior Vice-President
Land Bank of the Philippines
The Director of the Department of Rural Banks, Savings and
Loan Associations
Central Bank of the Philippines
SEC. 4. The TBAC will organize and commission its staff
and/or other agencies to do research work, conduct surveys and make
studies essential to the proper design and improvement of the
agricultural credit programs. These are envisioned to accelerate the
development of the agricultural sector. Members of said staff, to be
hired by the TBAC shall not be considered employees of the Central Bank
although they shall be administratively under the direction of the
Deputy Governor of the Central Bank for Supervision and Examination. The
same shall be exempted from Civil Service and WAPCO regulations.
SEC. 5. The Budget Commission is hereby instructed to
add annually the amount of P2.5 million to the budget of the Department
of Agriculture for the purpose of financing all the administrative and
operating expenses of the PCAC, including research and surveys.
SEC. 6. The PCAC is hereby authorized to receive and
utilize donations and grants from local and/or foreign sources to
augment its annual budget.
SEC. 7. All laws and executive orders, or parts thereof,
contrary to, or inconsistent with the provisions of this Decree are
hereby repealed, amended or modified accordingly.
This Decree shall take effect immediately.
Done in the City of Manila, this 4th day of September, in the
year of Our Lord, nineteen hundred and seventy-five.
(Sgd.)
FERDINAND E. MARCOS
President
Republic of the Philippines
By the President:
(Sgd.)
ROBERTO V. REYES
Acting Executive Secretary
Source: Supreme Court E-Library, Republic of the Philippines. Philippine laws are public documents (works of the government).
