A
collection of Philippine laws, statutes and codes
not
included or cited in the main
indices
of
the
Chan Robles Virtual Law Library
PRESIDENTIAL DECREE NO. 141
PRESIDENTIAL DECREE NO. 141 -
AMENDING FURTHER REPUBLIC ACT ONE THOUSAND ENTITLED "AN ACT AUTHORIZING
THE PRESIDENT OF THE PHILIPPINES TO ISSUE BONDS TO FINANCE PUBLIC WORKS
AND PROJECTS FOR ECONOMIC DEVELOPMENT, AUTHORIZED BY LAW AND FOR OTHER
PURPOSES," AS AMENDED
|
chanroblesvirtualawlibrary
WHEREAS, the National Government in order
to expand the productive base of the economy and accelerate the phase
of economic development of the Philippines is committed to provide
basic social and economic infrastructures and facilities; chanroblesvirtualawlibrary
WHEREAS, many of these infrastructures and facilities while having high
social and economic rate of return are not necessarily self-liquidating
in nature in the sense that it can generate revenue to at least pay for
its cost during a specified period of time;chanroblesvirtualawlibrary
WHEREAS, in the provision of these basic facilities, it is imperative
for the National Government to mobilize all possible sources of revenue;chanroblesvirtualawlibrary
WHEREAS, one of the possible sources of revenue which can be tapped are
those that can be generated under R.A. 1000, as amended, but which
cannot be availed of for purposes of funding many of these projects
because of the requirements that projects to be funded from this source
should be self-liquidating in nature; chanroblesvirtualawlibrary
WHEREAS, the further amendment of Section 1 of RA 1000, as amended, is
necessary not only to allow the flotation of bonds to finance urgent
projects of the National Government which have high social and economic
rates of return but also to enable it to tap all possible idle savings
in the economy by offering investors a more varied type of bonds to
choose from to suit their needs;chanroblesvirtualawlibrary
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines,
by virtue of the powers vested in me by the Constitution as
Commander-in-Chief of all the Armed Forces of the Philippines, and
pursuant to Proclamation No. 1081, dated September 21, 1972, and
General Order No. 1, dated September 22, 1972, as amended, in order
that the National Government can assure continuous financing of all the
requirements of its projects under its economic development plan, do
hereby order and decree to amend Section 1 of R.A. No. 1000, as
amended, to read as follows and be made as part of the laws of the
land: chanroblesvirtualawlibrary
"Sec. 1. Upon the commendation of the Secretary of
Finance, the Monetary Board, and the National Economic Development
Authority, the President of the Philippines is authorized to issue,
preferably in the Philippines, or abroad if necessary, in the name and
in behalf of the Republic of the Philippines bonds, including lottery
bonds, in an amount not exceeding two billion pesos to finance public
works and projects for economic and social development which have high
economic or social rates of returns and which are authorized by law,
including expropriation of lands for subdivision and resale to
individuals, or to repay or service bonded obligations of the
Government incurred for such projects; Provided, however, That
investments in such projects; by provinces, cities, and municipalities
shall be limited by the paying capacity of the province, city or
municipality to be certified by the Secretary of Finance and that the
probable income from such projects shall be taken into consideration:
And provided, further, That no issue shall be made if eighty per centum
of the immediately preceding issue of the same type has not been sold:
Provided, finally, That not more than five per centum of this bond
issue shall be used to pay government obligations, loans and advances,
whether secured or unsecured, guaranteed by the National Government,
made by government-owned or controlled financial institutions other
than the Central Bank, to government political subdivisions, offices
and instrumentalities and/or other loans committed by government-owned
and/or controlled financial institutions other than the Central Bank,
guaranteed by the Government, that cannot be met on maturity.
"The bonds shall be issued in such amounts as will be needed at any one
time, with maturities of not less than five years taking into account,
among others, the rate at which said bonds may be absorbed by the
buying public and the fund requirements of projects ready for execution.
"The Secretary of Finance, in consultation with the Monetary Board,
shall prescribe the form, the rate of interest, including whether such
interest is exempt from taxation or not, the denominations, maturities,
negotiability, convertibility, call and redemption, features, and all
other terms and conditions of issuances, placement, sale, servicing,
redemption and payment of all bonds issued under the authority of this
Act.
"The bonds issued under the authority of this section may be made
payable both as to principal and interest, in Philippine currency or
any readily convertible foreign currency.
"Nothing in this section shall be interpreted to mean that the
Secretary of Finance is prevented from adopting a lottery bond scheme
whereby, as long as a subscriber holds on to his bond, the same bonds
shall be eligible for drawing by lot at certain specified time as per
the conditions on issuances: and awards or prizes may be given to said
holders whose bonds are drawn, which awards or prizes may be given in
addition or in lieu of the interest that the bonds would have earned;
and likewise, nothing in this section shall be interpreted to mean that
the Secretary of Finance, in the redemption of securities, is prevented
from applying the lottery principle by which bonds, drawn by lot, may
be redeemed before maturity either at their face value or above.
"The bonds to be issued under this Act may be exempt from taxation,
including the tax on foreign exchange, by the Government of the
Republic of the Philippines or by any political or municipal
subdivision thereof, which fact shall be stated in their face in
accordance with this Act under which the said bonds are issued and
shall likewise be exempt from attachment, execution or seizure."
Done in the City of Manila,
this 2nd day of March, in the year of Our Lord, nineteen hundred and
seventy-three.
|
chanroblesvirtuallawlibrary
Back
to Home
- Back
to Main
chanroblesvirtuallawlibrary
Since 19.07.98
|