Republic Acts1 min read
Section 3Sec./Art. 3
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Creation of Countrywide Industrialization Fund.- There is hereby created the Countrywide Industrialization Fund, hereinafter referred to as either the Fund or CIF, as a source of financial assistance to eligible countrywide industrialization projects in the manner and under the terms and conditions prescribed by this Act and the implementing rules and regulations.
The fund shall be appropriated from the national budget, and supplemented by funds from bilateral and multilateral sources, which shall be negotiated and arranged by the National Government to ensure adequacy of the Fund.
The Fund shall be deposited with and managed by three (3) banks, namely: Philippine National Bank (PNB), Development Bank of the Philippines (DBP), and Land Bank of the Philippines (LBP), disbursements from which shall be made solely for investments as equity, grants or loans, in duly approved projects endorsed by the Local Countrywide Industrialization Boards (LCIBs) in the amounts authorized by the Countrywide Industrialization Office (CIO).
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