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Letter of Instruction No. 1403
LETTER OF INSTRUCTIONS No. 1403 SETTING ASIDE THREE HUNDRED MILLION PESOS FROM RESERVES OF THE STATE INSURANCE FUND ADMINISTERED BY THE SSS FOR THE GRANT OF EMERGENCY LOANS TO LAID-OFF OR DISLOCATED WORKERS
SECTION 1. The provisions of Article 179 of the Labor Code of the Philippines (PD) 442, as amended) notwithstanding, the amount of Three Hundred Million Pesos is hereby set aside from reserves of the State Insurance' Fund administered by the Social Security System under the Employees' Compensation Program for the grant of emergency loans to qualified and deserving workers and employees, to implement letter of Instructions No. 1362.
SEC. 2. Implementing Guidelines to carry out this Decree shall be promulgated by the Employees' Compensation Commission.
SEC. 3. All laws, decrees, letters of instructions and executive orders inconsistent with or contrary to the provisions of the instructions are hereby modified and/or superseded.
SEC. 4. This Instructions shall take effect immediately. Done in the City of Manila, Republic of the Philippines, this 1st day of May in the Year of Our Lord, Nineteen Hundred and Eighty-Four. (Sgd.) FERDINAND E. MARCOS President of the Philippines