- Abolition of the Agricultural Credit Administration
- Executive Order No. 816
July 8, 1982
EXECUTIVE ORDER NO. 816
PROVIDING FOR THE ABOLITION OF THE AGRICULTURAL CREDIT ADMINISTRATION AND TRANSFERRING ITS FUNCTIONS TO THE LAND BANK OF THE PHILIPPINES
WHEREAS, under the New Republic, national economic development shall be pursued with renewed dedication and greater determination through a more efficient, effective, and economical government;
WHEREAS, there is need for a more integrated approach to certain aspects of the agrarian reform program, particularly in the design and implementation by government corporations of their financial and extension programs; cd i
WHEREAS, to effectively attain this integration, a single institutional mechanism is preferable to improve upon the utilization of available resources for the provision of adequate and timely financial assistance to the beneficiaries of the agrarian reform program, and to enable financial assistance to be provided on a more integrated basis;
WHEREAS, it is not generally desirable to have separate government corporate entities providing less risky and more risky loans to the same borrowing clientele;
WHEREAS, under acd
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines, by virtue of the powers vested in me by the
SECTION 1. The Agricultural Credit Administration, hereinafter referred to as the Administration, is hereby abolished. Its functions, together with its assets and liabilities, applicable appropriations, records, equipment, and property are hereby transferred to the Land Bank of the Philippines, hereinafter referred to as the Bank. The valuation of the net assets of the Administration shall be determined by the Bank jointly with the Office of Budget and Management and the Commission on Audit.
SECTION 2. All valid existing contracts with public and private domestic and foreign parties entered into by the Administration shall continue to be honored by the Bank. cd i
SECTION 3. The Bank is hereby authorized to issue such orders, rules and regulations as may be necessary to implement the provisions of this Executive Order, including those that will effect changes in the present organization of the Bank which it may deem necessary to absorb the functions of the Administration. The Bank may appoint qualified personnel of the Administration to appropriate positions in the Bank, and those not so appointed are deemed laid off. All those who are laid off under the provisions of this Executive Order shall be entitled to all benefits and gratuities provided for under existing laws.
SECTION 4. Except as may otherwise be determined by the Bank, all present incumbents of positions in the Administration shall continue to exercise their present functions, duties and responsibilities, pending the issuance of the appropriate implementing orders. cda
SECTION 5. All laws, decrees, orders, proclamations, rules, regulations, or parts thereof, which are inconsistent with any of the provisions of this Executive Order are hereby repealed or modified accordingly.
SECTION 6. Any portion or provisions of this Executive Order that may be declared unconstitutional shall not have the effect of nullifying the other provisions thereof: Provided, That such remaining portions can still stand and be given effect in their entirety to accomplish the objectives of this Executive Order. asia dc
SECTION 7. This Executive Order shall take effect immediately.
DONE in the City of Manila, this 8th day of July, in the year of Our Lord, Nineteen Hundred and Eighty-Two.
Published in the Official Gazette, Vol. 78 No. 29, 3718-20 Supp., on July 19, 1982.