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PRESIDENTIAL DECREE NO. 1282
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PRESIDENTIAL DECREE NO. 1282 -
FURTHER AMENDING Section EIGHTY-EIGHT OF REPUBLIC ACT NUMBERED TWO
HUNDRED SIXTY-FIVE, AS AMENDED, OTHERWISE KNOWN AS THE CENTRAL BANK ACT
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WHEREAS,
long-term lending institutions play a vital role in providing medium
and long term funds for housing and other priority programs of the
Government;chanroblesvirtualawlibrary
WHEREAS, it is necessary to afford the Central Bank of the Philippines
greater flexibility in the use of its credit facilities so as to
augment medium and long-term funds for economic development.
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines,
by virtue of the powers vested in me by the Constitution, do hereby
decree and order the amendment of Republic Act Numbered two Hundred
Sixty-Six, as amended, as follows:cralaw:red
Section 1. Section Eighty-eight of Republic Act
Numbered Two Hundred Sixty-Five, as amended, is hereby amended to read
as follows:cralaw:red
"Sec. 88. Loans to long-tern institutions. —chanroblesvirtualawlibrary
"A. Under special circumstances in which the Monetary
Board considers it advisable to promote or facilitate the lending
operations, or certain classes thereof, of banking institutions engaged
in long-term financing, the Central Bank may grant loans or advances to
said institutions against pledge or assignment of payments,
installments or amortizations of their borrowers. The Monetary Board
shall prescribe the ceilings on said loans or advances based on the
payments, installments, or amortizations pledged or assigned: Provided,
however, That the Central Bank shall finance said loans from
non-inflationary sources and shall establish additional safeguards as
it deems proper.
"In granting loans and advances under this subsection, the Central Bank
shall first ascertain that the payments, installments and amortizations
to be pledged or assigned to it are in no case currently in arrears and
that said payments, installments and amortizations are related to
credit operations which in every case are adequately secured by
mortgages. Said mortgages shall be assigned to the Central Bank."
Section 2. This Decree shall take effect immediately.
DONE in the City of Manila,
this 16th day of January, in the year of Our Lord, nineteen hundred and
seventy-eight.
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