LETTER OF INSTRUCTIONS NO. 279, May 13, 1975

[ LETTER OF INSTRUCTIONS NO. 279, May 13, 1975 ]

TO : The Chairman Philippine National Bank The Chairman Development Bank of the Philippines The President Land Bank of the Philippines The Administrator Social Security System The General Manager Government Service Insurance System

In line with the program of the Government to promote economic advancement, a government-owned bank is proposed to be organized in the State of California, U.S.A., to be known as the Philippine Bank of California.

The objectives sought to be achieved by the proposed bank are as follows:

To tap the deposit potentials of the Filipino community in that area;

To facilitate trade between domestic and West Coast firms;

To allow greater participation of the Philippines in international banking operations;

To establish in the area a financial entity with a Filipino identity and help develop solidarity between Filipinos here and abroad;

To enhance our country's image internationally.

To effectively implement the foregoing plan, the Philippine National Bank, the Development Bank of the Philippines, the Land Bank of the Philippines, the Social Security System, and the Government Service Insurance System are hereby directed to invest, subscribe to and pay it twenty percent (20%) each of the proposed initial authorized capital of US$5 million of the Philippine Bank of California.

These government financial institutions are further directed to pay their subscriptions to the Philippine National Bank which is charged with the establishment and organization of the proposed bank.

DONE in the City of Manila, this 13th day of May, in the year of Our Lord, Nineteen Hundred and Seventy-Five.

SOURCE: CD ASIA