Sec. 1
Sec. 1. The loan value for food quedans pledged and/or mortgaged under the Food Quedan Financing Program shall be increased from 70% to 80%.
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Executive Order No. 849 (1982)
Executive Order No. 849 (1982)
WHEREAS, Letters of Instructions Nos. 696, 704, 1024 and 1139 were promulgated to institutionalize the system of Food Quedan Financing so as to facilitate the augmentation of food businessmen's operating capital and thereby trigger private procurement of palay, corn, and other farm produce;
Sec. 2
Sec. 2. Correspondingly, the guarantee coverage under the said program shall be increased from 70% to 80% of outstanding loan.
Sec. 3
Sec. 3. The increase both in loan value and guarantee coverage shall be subject to all other existing rules and regulations.
Sec. 4
Sec. 4. In order to lend more impetus to the attainment of the vital objectives of the Food Quedan Financing Program, the Quedan Guarantee Fund Board shall streamline and expand its organization so as to cover more rice and corn producing provinces and that said Board, which is attached to the National Food Authority, is hereby granted the exemption on all personnel matters as are provided the latter under Executive Order No. 839.
Sec. 5
This Executive Order shall take effect immediately
Sec. 5. This Executive Order shall take effect immediately.
Done in the City of Manila, this 26th day of November, in the year of Our Lord, nineteen hundred and eighty-two.