Presidential Authority and Designation of Instrumentalities
- Section two of Commonwealth Act Numbered Six Hundred empowers the President to designate any national government instrumentality to implement its objectives.
- The designation facilitates coordinated executive action in achieving the Act's goals.
Designation of the Philippine National Bank (PNB)
- The Philippine National Bank is officially designated as one of the government agencies tasked to implement the objectives of Commonwealth Act Numbered Six Hundred.
- PNB's specific role includes extending credit facilities to tenant farmers.
Credit Facilities to Tenants
- The credit extended by PNB targets tenants who require financial support during the period between harvest seasons.
- It includes coverage for expenses related to the purchase of seeds and proper land cultivation.
- The terms and conditions of such credit facilities are determined by the Board of Directors of the Philippine National Bank.
Appropriation and Allocation of Funds
- One million pesos is allocated from the appropriation under section five of Commonwealth Act Numbered Six Hundred for PNB's role in implementing these credit facilities.
- The disbursement of this fund by PNB for the specified purposes is duly authorized.
Reporting Requirements
- PNB is mandated to render monthly reports to the President of the Philippines detailing the disbursement of the allocated funds.
- This provision ensures accountability and transparency in the use of public funds.
Legal Formalities
- The executive order is signed and dated on September 10, 1944, in Manila.
- It bears the signatures of President Manuel L. Quezon and Secretary to the President Jorge B. Vargas, evidencing its authenticity and directive authority.