FINANCING NATIONAL INDUSTRIALIZATION Sample Clauses

FINANCING NATIONAL INDUSTRIALIZATION. Section 1. The Parties agree that funds for national industrial- ization can be raised from: a) Confiscated and expropriated assets of foreign monopoly capitalists, big compradors and bureaucrat capitalists; b) Issuing national and local government industrial bonds; c) Reinvesting industrial surpluses of government enterprises; d) Encouraging farmers to invest surpluses from growing agri- cultural productivity in industrial projects; e) Encouraging landlords to invest compensation to them in industrial projects; f) Portions of higher income taxes on foreign and comprador corporations and wealthy families, higher land taxes on landlords; g) Portions of higher wealth, capital gains and inheritance taxes on wealthy families; h) Portions of higher consumption taxes on alcoholic drinks, tobacco products, gambling, and luxury goods and services; i) Savings from any renegotiated or repudiated debt, and j) Savings from reduced GRP spending especially on military personnel and operations. Section 2. The Parties agree to reorient the Development Bank of the Philippines (DBP) and Land Bank of the Philippines (LBP) to fulfil the development banking function of financing public utilities, services, and infrastructure, agrarian reform and rural development, and national industrialization. They shall provide financial support to short, medium and long-term urban and rural industrial projects. Section 3. Commercial banks shall allot at least 50 percent of their loanable funds for priority and key industrial projects, with at least 20 percent earmarked for small and medium enterprises. Section 4. The Parties agree to set up an industrial investment fund or specialized funds to support the investment requirements of the national industrialization program. The fund/s shall source its/their capital from domestic public and private financial insti- tutions, enterprises and individuals. These include, but are not limited to, government fiduciary funds. Section 5. The Parties agree to build official economic rela- tions to support national industrialization. These relations shall include among others new arrangements for development finance, Section 6. Filipino migrant workers, immigrants of Filipino ancestry, and other overseas Filipinos shall be encouraged to invest in foreign exchange-denominated industrial bonds to help ensure the availability of financing for importing necessary industrial equipment and other requirements of the strategic industrializa- tion program.