Administrative Order No. 247

SECTION 1. The Special Presidential Committee on the Philippine Veterans Bank is hereby reconstituted into a Special Presidential Task Force for the Reopening and Rehabilitation of the Philippine Veterans Bank (PVB) composed of the following: LEONARDO A. QUISUMBING - Chairman Undersecretary of National Defense   BGen. ERNESTO S. GIDAYA (Ret.) - Member Col. EMMANUEL V. DE OCAMPO (Ret.) - Member BGen. SEGUNDO L. GAZMIN (Ret.) - Member BGen. CRISPINO N. DE CASTRO (Ret.) - Member Col. JUANITO P. FERRER (Ret.) - Member Philippine Deposit Insurance Corporation - Member REPRESENTATIVE   Atty. LUIS T. SAMSON - Member Atty. PEREGRINO M. ANDRES - Member Professor JOSE FERRO - Member

SEC. 2. The Special Presidential Task Force for the Reopening and Rehabilitation of the Philippine Veterans Bank shall have the following functions: Forge/arrange a written agreement with the Department of Finance on the treatment of its funds in the PVB; Prepare, finalize and submit the PVB Rehabilitation Plan already initiated by a technical committee of the Veterans Federation of the Philippines (VFP) for the approval by the Monetary Board and other government bodies concerned in order to reopen the PVB; Prepare the appropriate legal measures, including the drafting of bills for Congress intended to boost the rehabilitation and successful long-term operations of the PVB: Select and organize the initial manning force headed by a management team to be composed of competent, experienced and professional managers and staffed by a trained work­force: Provided, That preference shall be given to veterans and their dependents, other qualifications being equal; Provide for the transition to the actual implementation of the PVB Rehabilitation Plan by exercising management oversight and securing liaison with the Central Bank officers at the PVB for a period which shall not exceed two (2) months reckoned from the date of approval by the Monetary Board of the reopening and rehabilitation of PVB; and Submit other recommendations necessary and proper for the purpose of the successful reopening, rehabilitation and operation of the PVB after the withdrawal of CB-PVB Liquidator’s staff officers.

SEC. 3. All departments, bureaus, offices and instrumentalities of the Executive Department are hereby directed to assist the Task Force in the performance of its duties.

The amount of Two Hundred Fifty Thousand Pesos (P250,000

SEC. 4. The amount of Two Hundred Fifty Thousand Pesos (P250,000.00) subject to the availability of funds and the usual accounting and auditing rules and regulations, is hereby allocated from the President’s Contingent Fund and ordered released for the necessary expenses of the Task Force.

SEC. 5. The Task Force shall submit to the Monetary Board a Rehabilitation Plan within two (2) months from the date of its initial meeting pursuant to this Administrative Order and monthly progress reports thereafter.

This Administrative Order shall take effect immediately

SEC. 6. This Administrative Order shall take effect immediately. Done in the City of Manila, this 29th day of October, in the year of our Lord, nineteen hundred and ninety-one. (Sgd.) CORAZON C. AQUINO President of the Philippines By the President: (Sgd.) FRANKLIN M. DRILON Executive Secretary