Home›Statutes›Executive Orders›Executive Order No. 622 (1980)
Executive Order No. 622 (1980)
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines, by virtue of the powers vested in me by the Constitution and the authority vested in me by Presidential Decree No. 1416, do hereby order and ordain:
Sec. 1. The Minister of Industry as Chairman of the NACIDA Board is hereby designated as Chief Executive Officer of NACIDA with full powers to restructure and reorganize NACIDA. The Chairman as Chief Executive Officer shall review, develop, supervise and direct a revitalized national cottage industries development program. The Administrator shall report to and be responsible directly to the Chairman.
Sec. 2. Executive Order 574 Section 17, Paragraph 2, is hereby amended, to effect immediately the transfer of NACIDA to the Ministry of Industry, together with all its existing functions, programs, applicable appropriations, records, equipment property and personnel.
Sec. 3. The Central Bank, the DBP, the PNB and other government financial institutions are hereby directed to allocate collectively the sum of P800,000,000, for a loan fund for financial assistance to cottage, small and medium industries. The Minister of Industry is hereby directed to immediately develop the mechanics for implementation of this loan fund.
Sec. 4. All laws, decrees, charters, executive orders, administrative orders, proclamations, rules and regulations or parts thereof that are in conflict are hereby repealed or modified accordingly.
Sec. 5. This Executive Order shall take effect immediately.
Done in the City of Manila, this 20th day of September, in the year of Our Lord, nineteen hundred and eighty.