February 19, 1999

MEMORANDUM FROM THE PRESIDENT

In your capacity as the Cabinet representative to the Monetary Board of the Bangko Sentral ng Pilipinas (BSP), you are hereby directed to advocate for the utilization of the unused Agri-Agra allocation funds from banks to be invested in socialized and low-cost housing, as provided for under section 11 (B) of

Submit a status report on the matter to my Office, through the Presidential Management Staff (PMS), on or before 29 February 1999.

For strict compliance.