Request of GCMCC that all private financial institutions be informed of the requirement for Government-Owned and Controlled Corporations (GOCCs) to seek clearance from the GCMCC for their credit applications with private financial institutions

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s MAYNILA, PILIPINAS

OFFICE OF THE GOVERNOR

CIRCULAR LETTER Series of 1999

TO: ALL PRIVAtE BANKS ANd NON-BANK FINANCIAL INSTITUTIONS PERFORMING QUASI-BANKING FUNCTIONS

from the GCMCC for their credit applications with private JEsuS, Head, Presidential Management Staff and Chairperson, Government Corporate Monitoring and Coordinating Committee institutions be informed of the requirement for Government- Ietter dated 19 October 1999 of SEC. LEONORA VASQUEZ-DE (GCMCC) Technical Board, reguesting that all private financial Owned and Controlled Corporations (GOCCs) to seek clearance financial institutions. Attached, for your reference and guidance, is a copy of the

RAFAEL B. BUENAVENTURA Governor

Attachment.

22 November 1999

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ITAGUYOD ANG PHILIPPINES 2OOC MAG-IMPOK SA BANGKO

I Rt UEr:*! P YOV T.P. ANGKC SEITGA OFCE OF thE GDY CPT Ce OR LPINAS

Pffitt nf the Hresinent af the Bhilippines SEnvh 28 A11.01 PRESIDEntIAL MAnACENEnT StAFF MalacanmT2933

19 October 1999

MR. RAFAEL B. BUENAVENTURA O

Governor Bangko Sentral ng Pilipinas 5th Flr. BSP Five-Storey Building Roxas Boulevard, Manila

Dear Governor Buenaventura:

Article IV Sec. 16 of A0 No. 59 (s. 1988) mandates the Government

Corporate Monitoring and Coordinating Committee (GCMCC) to "review

and evaluate all proposals, recommendations, and studies pertaining to

the government corporate sector before they tare submitted to the

President". Pursuant thereto, the-GCMCC reviews all loan proposals of GOcCs,'whether these are foreign or local borrowings or from private or

government-owned banks.

In this regard, may we request your assistance in informing all private banks on the requirement for GOCCs to seek clearance from the GCMCC for their credit applications with private financial institutions. We have atready informed all GOCCs of the above requirement relative to

their credit facilities/borrowings with government financial institutions

Attached is a copy of Administrative Order No. 59 dated 16 February 1988 (Rationalizing the Government Corporate Sector), for your

reference

Thank you and best regards.

Very truly yours,

SEC. LEONORA VASQUEZ-DE JESUS Head, Presidential Management Staff and Chairperson, GCMCC-Technical Board

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