Question & AnswerQ&A (EXECUTIVE ORDER NO. 915)
The Filipino Retailersa Fund (FRF) is a fund originally amounting to Twenty Million Pesos created under Republic Act No. 1292 on June 15, 1955, to extend liberal credit facilities to bona fide Filipino retailers.
The remaining amount in the Filipino Retailersa Fund is Three Million Ninety Thousand Eight Hundred Thirty Eight Pesos and 27/100 (P3,090,838.27).
It was determined that it was no longer viable and economical to continue granting loans to Filipino retailers, and that the amount deposited would remain dormant and unproductive if not transferred.
The balance and receivables of the FRF were transferred to the Cottage Industry Guarantee and Loan Fund (CIGLF).
The CIGLF is owned by the National Cottage Industries Development Authority (NACIDA).
The Central Bank of the Philippines administers the CIGLF, while NACIDA owns it and implements collection measures.
All receivables and collectibles due to the FRF shall be transferred and integrated into the CIGLF, and NACIDA shall implement all measures necessary for collection.
PNB remains the official depository bank, accepting payments for the account and in the name of the CIGLF.
Section 1 abolishes the Filipino Retailersa Fund and transfers its remaining balance to the CIGLF.
All records, papers, and documents of the FRF must be immediately transferred to NACIDA.
Any provisions of existing laws, decrees, orders, or regulations inconsistent with this Executive Order are repealed or amended accordingly.
The Executive Order took effect immediately upon its signing on October 15, 1983.
President Ferdinand E. Marcos signed Executive Order No. 915, with Juan C. Tuvera as Presidential Executive Assistant.