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PRESIDENTIAL DECREE NO. 1194
PRESIDENTIAL DECREE NO. 1194 -
FURTHER AMENDING REPUBLIC ACT NUMBERED TWO THOUSAND FIFTY-TWO
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WHEREAS,
the International Monetary Fund, at intervals of not more than five (5)
years, conducts a general review, and if it deems it appropriate
proposes an adjustment, of the quotas of the member countries including
the Philippines; and chanroblesvirtualawlibrary
WHEREAS, there is continuing need to meet any increase in the
subscription of the Republic of the Philippines to the capital stock of
the International Bank for reconstruction and Development and its quota
in the International Monetary Fund.
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines,
by virtue of the powers vested in me by the Constitution, do hereby
order and decree;chanroblesvirtualawlibrary
Section 1. Section 1 of Republic Act Numbered Two
Thousand Fifty-two is hereby amended to read as follows:cralaw:red
"Sec. 1. The President of the Philippines is hereby
authorized to negotiate for the increase in the subscription of the
Republic of the Philippines to the capital stock of the International
Bank for reconstruction and Development and its quota in the
International Monetary Fund, in such amounts as may be required by the
Articles on agreement of the Fund and the rules that may be duly
promulgated thereunder." chanroblesvirtualawlibrary
Section 2. Section 3 of the same Act is hereby
amended to read as follows:cralaw:red
"Sec. 3. There is hereby appropriated, out of any
funds in the National Treasury not otherwise appropriated, such sums as
may be needed to reimburse the Central Bank of the Philippines for all
advances that may have been made by it pursuant to section 2 of this
Act."
Section 3. This decree shall take effect immediately.
Done in the City of Manila,
this 6th day of September, in the year of Our Lord, nineteen hundred
and seventy-seven.
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