Memorandum Circular No. 861




MALACAÑAN PALACE MANILA BY THE PRESIDENT OF THE PHILIPPINES [ Memorandum Circular No. 861, August 27, 1975 ] MODIFYING THE POLICY ON ALLOWANCES GRANTED TO THE CHAIRMAN AND MEMBERS OF THE BOARD OF GOVERNMENT-OWNED OR CONTROLLED CORPORATIONS. In the light of the escalation in the cost of living and the policy to soften the impact of increased prices by granting and/or authorizing some measure of reasonable salary or wage adjustment, the policy formulated under Memorandum Circular No. 95-A, dated January 17, 1967, on the grant of allowances to the Chairman and members of the board of government-owned or controlled corporations is hereby modified as follows: 1. The Chairman of the board of a government financial institution as defined in paragraph 1 of the aforesaid Memorandum Circular No. 95-A may be granted transportation and representation allowances ranging from ₱1,500 but not exceeding ₱2,000 per month. The members of the board thereof may he granted transportation and representation allowances ranging from ₱1,000 but not exceeding ₱1,500 per month. 2. In the case of a government-owned or controlled corporation other than a financial institution, the Chairman of the board may be granted transportation and representation allowances ranging from ₱1,000 but not exceeding ₱1,500 per month.1aшphi1 The members of the hoard thereof may be granted transportation and representation allowances ranging from ₱750 but not exceeding ₱1,250 per month. The foregoing schedule of allowances shall not apply to board members whose compensation and/or allowances are fixed by the charters of their respective corporations. All other provisions of Memorandum Circular No. 95-A, dated January 17, 1967, shall remain effective. All concerned are enjoined to act accordingly. By authority of the President: ROBERTO V. REYES Acting Executive Secretary Manila, August 27, 1975 The Lawphil Project - Arellano Law Foundation