Memorandum Circular No. 102




MALACAÑAN PALACE MANILA BY THE PRESIDENT OF THE PHILIPPINES [ Memorandum Circular No. 102, February 27, 1967 ] MODIFYING MEMORANDUM CIRCULARS NOS. 149 AND 150 DATED NOVEMBER 22 AND DECEMBER 15, 1965, RESPECTIVELY. In consonance with the policy of decentralization and in order to grant greater measure of autonomy to the various departments, offices and agencies of the Government, and to cut red tape and speed up government operations and transactions in the interest of the public service, Memorandum Circulars Nos. 149 and 150, dated November 22, 1965, and December 15, 1965, respectively, requiring heads of departments, offices and agencies of the government, including government-owned or controlled corporations to submit to the Office of the President for examination government contracts involving amounts in excess of ?500, 000.00 before they are approved and implemented, are hereby modified in the sense that all applications for loans with government-owned or controlled corporations irrespective of the amount involved need not be submitted to this Office for review and/or approval. It is however understood that the various government-owned or controlled corporations concerned shall observe utmost care and see to it that all pertinent laws, regulations and policies governing the matter as well as the priorities or guidelines established by the Monetary Board and the National Economic Council, and under existing laws, rules and regulations pertaining to investments, are duly observed and complied with.1âшphi1 By authority of the President: (Sgd.) RAFAEL M. SALAS Executive Secretary Manila, February 27, 1967 The Lawphil Project - Arellano Law Foundation