Question & AnswerQ&A (EXECUTIVE ORDER NO. 323)
The primary purpose of Executive Order No. 323 is to reorganize the Board of Directors of the Land Bank of the Philippines to ensure greater coordination and supervision for the effective implementation of government support to the agricultural sector.
The President of the Republic of the Philippines has the authority to appoint the chairman of the Land Bank of the Philippines Board.
The Secretary of Finance remains an ex-officio member of the Land Bank of the Philippines Board.
The Land Bank of the Philippines was created by Republic Act No. 3844, approved on August 8, 1963, as amended by Republic Act No. 7907, approved on February 23, 1995.
The Land Bank prioritizes small farmers and fisherfolk, small and medium enterprises (SMEs), micro-enterprises, agri-business, and other agri-related projects.
EO No. 323 took effect immediately upon its signing on July 05, 2004.
Section 2, the Repealing Clause, addresses the revocation, amendment, or modification of executive issuances, rules, or regulations inconsistent with EO No. 323.
The government affirms its commitment to provide comprehensive financing and guarantee support systems to jumpstart employment generation, enterprise, livelihood, income opportunities, and growth in rural productivity.
EO No. 323 states it was issued by virtue of the powers vested in the President by law.
Alberto R. Romulo, the Executive Secretary at the time, signed EO No. 323 on behalf of the President.