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TO:	The Secretary of Finance

WHEREAS, the backpay claims of members of the Philippine Army and of recognized guerilla forces and the Philippine Scouts under R. A. No. 304, as amended by R. A. No. 897, are redeemable without interest thirty (30) years from the date of the approval of the amendatory Act on June 20, 1953 depending upon the availability of funds which shall be determined by the Treasurer of the Philippines;

WHEREAS, the total amount of the aforesaid backpay claims (otherwise known as veterans-guerrilla backpay claims) acknowledged from June 20, 1953, to August 31, 1975 amounted to P104,379,068.82 of which P51,819,025.66 was used by backpay claimants in payment of their taxes, thereby leaving a balance of P51,819,025.66 still payable to veterans-guerrilla backpay claimants;

WHEREAS, the records of the Bureau of the Treasury show that the resources of the Backpay Sinking Fund under R. A. 897 created to redeem the guerrilla backpay claims as of November 30, 1975, amount to P33,969,546.41;

WHEREAS, since the approval of R. A. No. 897 on June 20, 1953, many army and guerrilla veterans who are entitled to the benefits under the said Act, have died either due to old age or other causes, without enjoying their backpay benefits;

WHEREAS, in justice to the guerrilla veterans of World War II still living and to the widows and orphans of those now deceased, and in order to ameliorate their situation, it is but fair to effect redemption, even if only partially, of the backpay claims of those living old-aged war veterans and the heirs of those departed.

NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines, do hereby give the following instructions :

1. The Treasurer of the Philippines shall effect annual partial redemptions of the backpay claims of guerrilla war veterans authorized under R. A. 897, each in an amount to be determined by the Secretary of Finance and that said payment shall continue until the total backpay of each claimant shall have been fully liquidated.
2. The Secretary of Finance shall promulgate the rules and regulations for the effective implementation of this Letter of Instructions.
3. This Letter of Instruction shall take effect immediately.

Done in the City of Manila, this 22nd day of January, in the year of Our Lord nineteen hundred and seventy-six.