Memorandum Circular No. 3




MALACAÑAN PALACE MANILA BY THE PRESIDENT OF THE PHILIPPINES [ Memorandum Circular No. 3, March 17, 1986 ] REQUIRING ALL GOVERNMENT FINANCIAL INSTITUTIONS TO SUBMIT A LIST OF CORPORATIONS WHERE THE GOVERNMENT HAD EXPOSURE, AN ACCOUNTING OF GOVERNMENT MONEY LOANED TO DISTRESSED COMPANIES AND OTHER RELEVANT DATA All government financial institutions such as the Government Service Insurance System (GSIS), the Social Security System (SSS), the Philippine National Bank (PNB), the Development Bank of the Philippines (DBP), and the Land Bank of the Philippines (LBP) are hereby directed to submit to the Office of the President a list of the corporations where the government had exposure, the amount of money lent and due from said corporations and the number of seats in the Board of Directors allotted to the government by virtue of the capital outlay of the government through its financial institutions. This Circular shall take effect immediately.1aшphi1 Done in the City of Manila, this 17th day of March, in the year of Our Lord, nineteen hundred and eighty-six. By authority of the President: (Sgd.) JOKER P. ARROYO Executive Secretary The Lawphil Project - Arellano Law Foundation