Law Summary
Definitions and Transfers under the Decree
- "Special and fiduciary funds" refer to funds created by specific laws, acts, or decrees for particular projects or purposes.
- All assets, liabilities, surpluses, and appropriations of such funds are transferred to the General Fund.
- Personnel previously paid from special and fiduciary funds will now be compensated from the General Fund.
Continuation of Functions According to National Development Plans
- Functions and activities authorized under existing laws for special and fiduciary funds may continue if they align with the current social and economic plans.
- Continuation is subject to determination by the National Economic and Development Authority (NEDA).
- Taxes, levies, fees, imposts, and other income authorized under existing laws related to such funds will continue but shall accrue to the General Fund.
Administration and Implementation
- The Secretary of Finance, Commissioner of the Budget, and Chairman of the Commission on Audit are mandated to issue necessary rules and regulations for the decree’s implementation.
- Ensures a coordinated approach among key government agencies responsible for financial management.
Repeal and Modification of Inconsistent Laws
- All laws, decrees, letters of instruction, and other rules inconsistent with this decree are repealed or modified.
- Facilitates legal clarity and removes conflicting provisions to support the decree’s objectives.
Effectivity
- The decree takes effect on July 1, 1975.
- Provides a clear date for implementation, allowing government agencies to prepare for the transition.