Question & AnswerQ&A (EXECUTIVE ORDER NO. 915)
The Filipino Retailersa Fund was created to extend liberal credit facilities to bona fide Filipino retailers.
The original amount of the Filipino Retailersa Fund was Twenty Million Pesos (P20,000,000.00).
Three Million Ninety Thousand Eight Hundred Thirty Eight Pesos and 27/100 (P3,090,838.27) remained in the Fund.
The remaining balance was deposited with the Philippine National Bank under a current account.
It ordered the abolition of the Filipino Retailersa Fund and the transfer of its remaining balance and receivables to the Cottage Industry Guarantee and Loan Fund (CIGLF).
The Filipino Retailersa Fund was integrated into the Cottage Industry Guarantee and Loan Fund (CIGLF), which is owned by the National Cottage Industries Development Authority (NACIDA) and administered by the Central Bank of the Philippines.
All receivables, collectibles, and other amounts due to the FRF shall be transferred and integrated into the CIGLF, and NACIDA shall implement measures to collect them.
The Philippine National Bank will continue to serve as the official depository bank.
NACIDA, as owner of the CIGLF, is required to implement all measures necessary to collect receivables and manage the transferred funds.
All records, papers, and documents of the Filipino Retailersa Fund shall be immediately transferred to NACIDA.
The Central Bank of the Philippines, the Philippine National Bank, and the National Cottage Industries Development Authority shall work out procedures.
Any provisions of existing laws, decrees, orders or regulations that are inconsistent with this Order are repealed or amended accordingly.
The Executive Order took effect immediately upon its issuance on October 15, 1983.