October 21, 1977
LETTER OF INSTRUCTIONS NO. 618
TO : The Governor Central Bank of the Philippines The Secretary Department of Local Government and Community Development The Secretary
Department of Finance
The Director-General National Economic Development Authority
The Commissioner of the Budget
WHEREAS, in line with the objectives of fostering the growth of cooperatives, it is necessary for the Government to provide more massive credit financing for the development and extension of their agricultural and business activities;
WHEREAS, to achieve the above purpose, it is necessary and desirable to organize and establish a Bank of Cooperatives;
NOW, THEREFORE, you are hereby directed as follows:
1. To constitute yourselves into a Committee to study ways and means to establish a Bank for Cooperatives to finance the credit requirements of the various cooperatives in the country;
2. To utilize the Cooperative Development Loan Fund (CDLF) created under Section 6 of Presidential Decree No. 175 as initial capital of the said Bank of Cooperatives;
3. To augment the bank's capital by such additional sums as may be necessary so as to increase it to One Hundred Million (P100,000,000.00) Pesos such additional sums to be appropriated in the General Appropriations Act, every year.
4. To submit to the President your findings and recommendations within thirty (30) days from the promulgation of the Letter of Instructions.
Done in the City of Manila, this 21st day of October, in the Year of Our Lord, Nineteen Hundred and Seventy-seven.