CREATING THE NATIONAL COMMISSION ON SAVINGS

12.00

WHEREAS, Philippines 2000, the Filipino
people’s vision of newly industrialized country’s status by the year 2000,
recognizes that economic progress and development can be hastened by increasing
capital formation by saving with banks and other financial intermediaries;

WHEREAS, in the drive towards Philippines
2000, all sectors of society should be made aware of the vital role of savings
in economic development;

WHEREAS, to generate financial resources,
capital formation should be accelerated by encouraging the public to save in
banks and other financial intermediaries;

WHEREAS, it is vital to instill in the
minds of the public the importance of saving for sustained economic
development, and as such, a continuing nationwide information, educational and
communication campaign shall be instituted that will involve all sectors of
society and all levels of government;

WHEREAS, Proclamation No. 380, dated 15
May 1994 was issued “Declaring the Period from June 30 to July 6, 1994 and
Every Year Thereafter as Savings Consciousness Week”.

NOW, THEREFOR, I, FIDEL V. RAMOS,
President of the Philippines, by virtue of the powers vested in me by law, do hereby
create a National Commission on Savings which shall take charge of accelerating
capital formation through non-inflationary means, particularly through saving
in banks and other financial intermediaries.

1. The Commission shall be composed of the following:

The Commission shall be assisted by a Working
Committee and its Secretariat, as follows:

2. It shall be the primary and direct
responsibility of the Commission to prepare and implement such measures and
programmes as may be necessary to mobilize savings on a nationwide scale which
shall include, but shall not be limited to the launching of a savings
consciousness and promotions campaign that will involve all sectors of society;
conducting periodic surveys and studies of savings habits and attitudes,
marketing campaign, and other similar activities; and the undertaking of
studies for the inclusion of thrift and savings consciousness in the curriculum
for basic education and literacy programs.

The Commission shall also evolve and recommend
policies to the President of the Philippines directed towards providing the
incentives which may bring about increased savings in banks and other financial
intermediaries.

3. The Department of Finance, Bangko Sentral ng
Pilipinas, Department of Education, Culture and Sports, Department of the
Interior and Local Government, and National Economic and Development Authority
shall share in the initial budgetary requirements, staff and other support and
assistance which may be required by the Commission in the performance of its
functions. Thereafter, the Commission shall prepare its own annual budget.

4. The Thrift Incentives for Progress through
Industry and Discipline (TIPID) movement which is designed to instill in
students the virtue of thrift and importance of saving in banks, shall be
continued and carried out on a nationwide scale.

5. The Commission is authorized to engage the
services of a qualified consultant/agency to assist in the preparation of
promotion, campaign, the conduct of savings and similar activities for which
specific expertise is needed.

6. The Commission is further authorized to call upon
any department, bureau or instrumentality of the Government, including
government-owned and/or controlled corporations, for such assistance as it may
need in the discharge of its functions and responsibilities: Provided, however,
that the Commission, whenever it may deem necessary to accomplish its
objectives, may delegate any of its authority and responsibilities to
corporations, associations or individuals.

7. The members of the Commission and the Working
Committee and its Secretariat, in the discharge of their responsibilities,
shall receive honoraria or allowances as may be allowed under existing
accounting and auditing rules and regulations.

8. This Order shall take effect immediately.

DONE in the City of Manila, this 23^rd day of
August in the year of Our Lord, Nineteen Hundred and Ninety-Six.

(Sgd.) FIDEL V. RAMOS
President of the Philippines

By the
President

(Sgd.) RUBEN
D. TORRES
Executive Secretary

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