TRANSFERRING SUPERVISION OF CERTAIN GOVERNMENT FINANCIAL INSTITUTIONS FROM THE OFFICE OF THE PRESIDENT TO THE DEPARTMENT OF FINANCE

WHEREAS, government is committed to pursue a more responsive and
efficient bureaucracy by adopting homogeneous grouping of functionally
related government agencies;

WHEREAS, several government financial institutions, namely the
Development Bank of the Philippines, Government Service Insurance
System, Land Bank of the Philippines and Social Security System,
hereinafter referred to as the GFIs, are now supervised by the Office of
the President;

WHEREAS, Section 3 (6), Chapter 1, Title II, Book IV of Executive
Order No. 292, otherwise known as the Administrative Code of 1987,
provides that the Department of Finance shall review and coordinate the
policies, plans and programs of government financial institutions and
thereafter, recommend to them courses of action consistent with national
government fiscal policies, plans and programs; and

WHEREAS, these GFIs perform functions that are similar and/or related
to those of the Department of Finance and can therefore be made more
effective if transferred thereto;

WHEREAS, Section 31, Chapter 10, Title III, Book III of EO 292
provides continuing authority to the President to reorganize the
administrative structure of the Office of the President.

NOW, THEREFORE, I, JOSEPH EJERCITO ESTRADA, President of the Republic
of the Philippines, by virtue of the powers vested in me by law, do
hereby order:

SECTION 1. Rationalizing the Attachment of Government-Owned and/or Controlled Corporations under the Office of the President.
— The attachment of government-owned and/or controlled corporations
under the Office of the President shall be rationalized through the
transfer of GFIs to the appropriate department/agency.

SECTION 2. Dispositive Actions. — The GFIs
are hereby transferred from the Office of the President to the
Department of Finance for administrative supervision and policy and
program coordination.

SECTION 3. Repealing Clause. — All
executive orders, rules and regulations, and other issuances or parts
thereof that shall be inconsistent with the provisions of this Executive
Order, are hereby either revoked or modified accordingly.

SECTION 4. Effectivity. — This Executive Order shall take effect immediately.

Adopted: 15 Feb. 2000

By the President:

(SGD.) RONALDO B. ZAMORA
            Executive Secretary