TO: | The Minister of Agriculture The Governor, Central Bank of the Philippines The President, Philippine National Bank The President, Land Bank of the Philippines The Administrator, National Food Authority |
All provisions of orders and Letters of Instructions inconsistent with this Letter of Instructions are hereby repealed or modified accordingly.
- That the National Food Authority shall increase the support price of Palay from the present P1.45/kilo to P1.55/kilo and of corngrains from P1.20/kilo to both clean and dry.
- That the Philippine National Bank shall extend to the National Food Authority an additional credit Line of P250 M thereby increasing the existing credit line to P1.5 Billion.
- That the Land Bank of the Philippines shall extend to the National Food Authority and additional credit line of P250 M thereby increasing the existing credit line to P1 Billion.
- That the Central Bank oi the Philippines shall increase the rediscount ceiling of the Philippine National Bank and Land Bank to cover all NFA local procurement operation papers presented by these banks.
- That all Ministries and government institutions concerned shall take such measures as may be necessary and appropriate to implement and achieve the objective of this Letter of Instructions.