Legal basis and appropriations covered
- Executive Order No. 92 is issued pursuant to Section 21 of Commonwealth Act No. 38 and the General Appropriations Act for 1937.
- The reserve is to be made from the appropriations granted for the various Executive Departments of the National Government.
- The reserve applies to appropriations for each Executive Department’s respective Bureaus, offices, and dependencies.
Purpose for fiscal stability
- The order is grounded on the need to safeguard the Government’s budget stability amid indications that actual 1937 collections may fall below estimated income.
- The order is also grounded on the depletion of accumulated surplus by additional laws appropriating large funds for urgent and vital public needs during the National Assembly sessions.
Scope and computation of the reserve
- A reserve of 5 per cent for 1937 must be established from the appropriations covering the National Government’s Executive Departments.
- The reserve must be taken out from the appropriations for each Executive Department and its Bureaus, offices, and dependencies.
Implementation effect within 1937
- The 5% reserve must be set up for the year 1937.
- The reserve is required as part of the usual fiscal safeguard mechanism from general appropriations authorized for 1937.
Effectivity and publication rule
- The order takes effect within 1937 as a directive tied to the General Appropriations Act for 1937.
- The order was issued on January 23, 1937, and was done in the City of Manila on that date.
Signatures and issuance record
- The order is signed by Manuel L. Quezon, President of the Philippines.
- It is countersigned “By the President” by Elpidio Quirino, Secretary of the Interior.