MALACAÑAN PALACE
MANILA
BY THE PRESIDENT OF THE PHILIPPINES
[ EXECUTIVE ORDER NO. 301, September 10, 1940 ]
DESIGNATING THE PHILIPPINE NATIONAL BANK AS ONE OF THE AGENCIES TO CARRY OUT THE OBJECTIVES OF COMMONWEALTH ACT NUMBERED SIX HUNDRED
WHEREAS, one of the objectives of Commonwealth Act Numbered Six hundred is to insure to the people adequate shelter and clothing and sufficient food supply; and
WHEREAS, under section two of Commonwealth Act Numbered Six hundred the President of the Philippines is empowered to designate any instrumentality of the National Government for the purpose of carrying out its objectives or any of them;
NOW, THEREFORE, I, MANUEL L. QUEZON, President of the Philippines, do hereby designate the Philippine National Bank, a Government instrumentality, as one of the agencies to carry out the objectives of Commonwealth Act Numbered S:x hundred, by undertaking the extension of credit facilities to tenants who may need the same for the purpose of their support during the period between harvest seasons and to cover the expenses incident to the purchase of seeds and the proper cultivation of the land which they work, under such conditions as the Board of Directors of the Philippine National Bank may determine.
Of the amount appropriated under section five of the aforesaid Commonwealth Act Numbered Sis hundred, the sum of one million pesos is hereby allocated to the Philippine National Bank for the purpose above referred to and its disbursement, by said Bank for said purpose is hereby authorized. The Bank shall render a report to the President of the Philippines at the end of every month on its disbursements against this fund.
Done at the City of Manila, this 10th day of September, in the year of Our Lord, nineteen hundred and forty-four, and of the Commonwealth of the Philippines, the fifth.
(Sgd.) MANUEL L. QUEZON
President of the Philippines
By the President:
(Sgd.) JORGE B. VARGAS
Secretary to the President
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