Law Summary
Authorization to Abolish Dormant or Unnecessary Funds
- The President has the power to abolish dormant or unnecessary Special or Fiduciary Funds.
- All assets, liabilities, surpluses and appropriations of these funds are to be transferred to the General Fund.
- The Secretary of Finance, Commissioner of the Budget, and Chairman of the Commission on Audit conduct reviews of these funds.
- Recommendations for abolition are based on dormancy, lack of justification, or redundancy due to General Fund appropriations.
Implementation Rules and Regulations
- The Secretary of Finance, Commissioner of the Budget, and Chairman of the Commission on Audit shall jointly recommend rules and regulations.
- These rules and regulations need presidential approval for effective implementation.
Repealing and Modifying Conflicting Laws
- All existing laws, decrees, letters of instructions, and rules inconsistent with this Decree are repealed or modified accordingly.
Effectivity Clause
- The Decree takes effect immediately upon issuance.