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https://lawyerly.ph/laws/view/l4033
[LETTER OF INSTRUCTIONS NO. 411, (1976-05-29)](https://lawyerly.ph/laws/view/l4033)
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[ LETTER OF INSTRUCTIONS NO. 411, May 29, 1976 ]

TO: The President, Philippine National Bank
The Chairman, Development Bank of the Philippines
The General Manager, Government Service Insurance System
The Administrator, Social Security System
The President, Land Rank of the Philippines
The President, Philippine Amanah Bank and
    Managing Heads of All Government owend or
controlled Financial and Banking Institutions

In order to generate funds necessary to mitigate the financial impart of natural calamities such as typhoons and floods, and to remedy the recurring problem of nonpayment or irregularity of amortization payments by borrowers from said institutions, which hampers and impairs their capability to assist the government in its program to rehabilitate and alleviate the sufferings of victims of the same, the Managing Heads of the above-named Government Banking and Financing Institutions are hereby directed to:

  (1)
To intensify the collection of arrearages of borrowers of the said institutions applying in full force and effect the provisions of Presidential Decree No. 385 dated January 31, 1974; and
  (2)
To submit to the President a list of their respective delinquent borrowers indicating the amount and number of unpaid monthly and/or annual amortizations.

The aforesaid officials are further directed to use all possible means to disseminate this Letter of Instructions to borrowers of their respective institutions.

Done in the City of Manila, this 29th day of May, in the year of Our Lord, nineteen hundred and seventy-six.

(Sgd.) FERDINAND E. MARCOS
President of the Philippines

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