LETTER OF INSTRUCTIONS NO. 228, November 28, 1974

[ LETTER OF INSTRUCTIONS NO. 228, November 28, 1974 ]

TO: The Governor, Central Bank of the Philippines The President, Philippine National Bank The Administrator, Agricultural Credit Administration The Administrator, National Grains Authority The Chairman, National Food and Agricultural Council

In view of the spiraling increases in the cost of fertilizer, farm chemicals, irrigation fees and other production inputs and in order to assure continued rice production under the government's Masagana 99 program, I hereby order and direct —

The Governor of the Central Bank of the Philippines, the President of the Philippine National Bank and the Administrator of the Agricultural Credit Administration of increase the Masagana 99 loans ceiling from the present level of P900 per hectare to P1,600 per hectare effective immediately.

The Administrator of the National Grains Authority to increase the support price for palay to (P50) per cavan of 50 kilos.

The National Food and Agricultural Council and other government agencies involved to extent all assistance and cooperation in the implementation of this Letter of Instructions.

DONE in the City of Manila, this 28th day of November, in the year of Our Lord, nineteen hundred and seventy-four.

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