- Title
- Exemption of the PTA from the Coverage of P.D. No. 711 Re: Abolition of Special and Fiduciary Funds
- Reference
- Letter of Instructions No. 397
- Date
- 1976-04-19
April 19, 1976
LETTER OF INSTRUCTIONS NO. 397
| TO | : | The Secretary of Finance |
| The Commissioner of the Budget | ||
| The Chairman | ||
| Commission on Audit |
WHEREAS,
WHEREAS, the purpose of the decree is to prevent the accumulation of big cash balances in special and fiduciary funds resulting in the useless immobilization of public funds;
WHEREAS, by virtue of the Decree the PHILIPPINE TOURISM AUTHORITY, a government corporation created by
WHEREAS, the purposes for which the Philippine Tourism Authority has been created can not be fulfilled, its authorized capital stock not having been released, and its flexibility to carry out a development program to achieve the goals of the government in economic development through tourism is curtailed adversely, if cdtai
WHEREFORE, in order to achieve a well-programmed development plan for the country as it relates to tourism and until further instructions, you are authorized to exempt the Philippine Tourism Authority from the coverage of
DONE in the City of Manila, this 19th day of April, in the year of Our Lord, Nineteen Hundred and Seventy-Six.