[ LETTER OF INSTRUCTION NO. 520, March 22, 1977 ]
| TO: | The President, Philippine National Bank The President, Land Bank of the Philippines The Chairman, Development Bank of the Philippines |
Pursuant to the provisions of Presidential Decree No. 932, otherwise known as the Educational Assistance Act of 1976, you are hereby directed as follows:
The amount of Five Million (P5M) Pesos shall be set aside from your respective bank's investment portfolios for the purpose of extending educational loans to individual applicants who comply with the requirement set forth in the rules and regulations issued pursuant to Presidential Decree No. 932.
Said loans shall bear interest at not more than six per centum (6%) per annum.
The amount available for the purposes herein enunciated shall be replenished by the banks at any time upon the recommendation of the Policy Council created under Presidential Decree No. 932 in consultation with the banks concerned and approval by the President of the Philippines.
Said loans shall bear interest at not more than six per centum (6%) per annum.
The amount available for the purposes herein enunciated shall be replenished by the banks at any time upon the recommendation of the Policy Council created under Presidential Decree No. 932 in consultation with the banks concerned and approval by the President of the Philippines.
Any and all rules and regulations that may be issued by the banks to implement these instructions shall be consistent with the Educational Assistance Program enunciated in said Presidential Decree No. 932.
Immediate compliance is hereby ordered.
Done in the City of Manila, this 22nd day of March in the year of Our Lord, nineteen hundred and seventy-seven.
(Sgd.) FERDINAND E. MARCOS
President
Republic of the Philippines
President
Republic of the Philippines