Republic Acts1 min read
Section 14Sec./Art. 14
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Appropriations.- There is hereby authorized to be appropriated the amount of One billion pesos (P1,000,000,000) per year for the next five (5) years as counterpart fund and initial capital of the Countrywide Industrialization Fund: Provided, That the allocation in loans and grants in each town and city shall not exceed Thirty million pesos (P30,000,000) and Forty million pesos (P40,000,000), respectively.
The Management Board of the CIO shall submit to the Office of the President the budget needed for its operations for inclusion in the annual General Appropriations Act.
Initial operations of the CIO, from the time the Management Board is constituted and organized until the first release to the CIO of funds from the national budget, shall be funded by the Department of Trade and Industry.
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