Law Summary
Introduction
Executive Order No. 241, issued on June 29, 1970, amends Executive Order No. 225, dated April 21, 1970, which established the Financial and Fiscal Policy Committee in the Philippines.
Amendment to Membership of the Financial and Fiscal Policy Committee
- Legal Principle/Provision: The amendment expands the membership of the Financial and Fiscal Policy Committee to include additional invited members.
- Key Definitions Introduced:
- Financial and Fiscal Policy Committee: A body created to prioritize projects under continuing appropriations.
- Important Requirements or Procedures Outlined:
- The Chairman of the Senate Finance Committee and the House Appropriations Committee are now invited to attend meetings when the committee considers the priority listing of projects.
- Relevant Timeframes, Deadlines, or Expiration Details:
- The order is effective immediately upon issuance, dated June 29, 1970.
- Penalties, Liabilities, or Consequences Mentioned: None specified in this amendment.
Implementation Details
- Legal Authority: The order is executed under the authority of the President of the Philippines.
- Signature: The order is signed by President Ferdinand E. Marcos and the Acting Executive Secretary, Ponciano G. A. Mathay.
Cross-References
- This order references the original Executive Order No. 225, which provided the foundational structure for the Financial and Fiscal Policy Committee.
Key Takeaways
- Executive Order No. 241 expands the Financial and Fiscal Policy Committee's membership by including the Chairpersons of key legislative finance committees.
- The amendment aims to enhance legislative oversight and involvement in financial and fiscal policy deliberations regarding project prioritization.
- The effective date of the amendment is immediate upon signing, with no specified penalties or consequences for non-compliance outlined in the document.