Transfer of FRF funds to CIGLF

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EXECUTIVE ORDER NO. 915: Transfer of FRF funds to CIGLF

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Title Supreme Court: Transfer of FRF funds to CIGLF

Law: Executive Order No. 915

Decision Date: Oct 15, 1983

Ferdinand E. Marcos abolishes the Filipino Retailers Fund, transferring its remaining balance of P3,090,838.27 to the Cottage Industry Guarantee and Loan Fund to enhance support for cottage industry producers.

executive order

cottage industry

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Integration of Receivables and Collectibles

All existing and future receivables and collectibles from the former FRF shall be transferred and integrated into the CIGLF.
The National Cottage Industries Development Authority (NACIDA), owner of CIGLF, is tasked with collection responsibilities.
The Philippine National Bank continues as the official depository, handling payments for CIGLF.

Transfer of Records

All administrative and financial records, including papers and documents of the FRF, must be immediately handed over to NACIDA.

Procedure Coordination

The Central Bank of the Philippines, PNB, and NACIDA are responsible for establishing procedures to effectuate the transfer of funds and receivables.

Repeal and Amendment of Inconsistent Laws

Any existing laws, decrees, orders, or regulations inconsistent with this Executive Order are repealed or amended.

Immediate Effectivity

The Executive Order takes effect immediately upon issuance.

END