Memorandum Circular No. 107




MALACAÑAN PALACE MANILA BY THE PRESIDENT OF THE PHILIPPINES [ Memorandum Circular No. 107, March 30, 1967 ] Henceforth, no government contract involving private financing scheme shall be awarded and/or entered into, as a result of either public bidding or negotiation, without the same having first been submitted to the Investment Office of the Presidential Economic Staff headed by Dean Cesar Virata who shall, in coordination with the Secretary of Finance and the Governor of the Central Bank, study and evaluate the feasibility of the proposed private financing, including the financial capacity and credit standing of the persons and/or entities making the financing proposal, and thereafter propose the proper recommendation therefor. By authority of the President: (SGD.) RAFAEL M. SALAS Executive Secretary 1âшphi1 Manila, March 30, 1967 The Lawphil Project - Arellano Law Foundation