Question & AnswerQ&A (LETTER OF INSTRUCTION NO. 70)
The primary purpose is to accelerate the development of the Export Processing Zone and provide needed housing facilities therein through a financing scheme involving a loan of P20 million to the Export Processing Zone Authority (EPZA).
The financing scheme was approved by President Ferdinand E. Marcos.
The National Government is lending P20 million to the Export Processing Zone Authority.
The funds will be generated from the sale of 5-year, 10-3/4 Treasury Notes to the Government Service Insurance System (GSIS) and the Social Security System (SSS).
The Acting Chairman-Administrator of the Export Processing Zone Authority, the Secretary of Finance, the General Manager of the Government Service Insurance System, and the Administrator of the Social Security System.
They recommended the financing scheme for funding the housing development project of the EPZA.
To start and complete the EPZA housing project in the shortest possible time.
They are government securities with a 5-year term and a 10-3/4% interest rate, sold to GSIS and SSS to raise funds for the loan.
The Government Service Insurance System (GSIS) and the Social Security System (SSS).