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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 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; Section 1. Section 1 of Republic Act Numbered Two Thousand Fifty-two is hereby amended to read as follows: "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." Section 2. Section 3 of the same Act is hereby amended to read as follows: "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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