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. 142
PRESIDENTIAL DECREE NO. 142 -
AMENDING REPUBLIC ACT NO. 245 ENTITLED "AN ACT AUTHORIZING THE
SECRETARY OF FINANCE TO BORROW TO MEET PUBLIC EXPENDITURES AUTHORIZED
BY LAW AND FOR OTHER PURPOSES"
|
chanroblesvirtualawlibrary
WHEREAS,
Section 1 of R.A. No. 245 provides that in order to meet public
expenditures authorized by law or to provide for the purchase,
redemption or refunding of any obligations, either direct or
guaranteed, of the Philippine Government, the Secretary of Finance,
with the approval of the President, after consultation with the
Monetary Board, is authorized to borrow from time to time on the credit
of the Republic of the Philippines such sum or sums as in his judgment
may be necessary, and to issue therefor evidences of indebtedness of
the Philippine Government;chanroblesvirtualawlibrary
WHEREAS, under subsection (a) through (c) of the same Section of the
said Act, such evidences of indebtedness may be of the following types:cralaw:red
"(a) Treasury bills issued on a discount basis and
payable at maturity without interest. Treasury bills may be offered for
sale either on a competitive basis or at a fixed rate of discount and
may be made payable at any date not later than one year from the date
of issue.
"(b) Interest-bearing certificates of indebtedness
having maturities not exceeding eighteen months from the date of issue."
"(c) Interest-bearing notes having maturities of not
less than one nor more than five years from the date of issue."
WHEREAS, the Government has continuously relied upon the borrowing
authority vested in the Security of Finance under R.A. No. 245 in
meeting the pressing demands upon the General Fund into the National
Treasury whenever there is a short-fall in the revenue receipts of the
Government; chanroblesvirtualawlibrary
WHEREAS, under the present provisions of R.A. No. 245, the Secretary of
Finance, with the approval of the of the President is vested with the
authority to borrow from time to time for the purposes enumerated
therein, is restricted from issuing other forms of government debt
instruments or evidences of indebtedness having longer maturities and
appropriate features because of the limitations prescribed in the
aforementioned subsection (a) through (c) of Section 1 of the
abovementioned Act;chanroblesvirtualawlibrary
WHEREAS, there is now a need for other types of government security
issues designed in line with market requirements and made sufficiently
attractive to suit the needs of various groups;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, do hereby
adopt and make as part of the laws of the land certain amendments to
the provisions of Republic Act No. 245 entitled "An Act Authorizing the
Secretary of Finance to Borrow to Meet Public Expenditures Authorized
by law, and For Other Purposes" as follows:cralaw:red
Section 1. Section 1 of Republic Act Numbered Two
hundred forty-five is hereby amended to read as follows:cralaw:red
"Sec. 1. In order to meet public expenditures
authorized by law or to provide for the purchase, redemption, or
refunding of any obligations, either direct or guaranteed of the
Philippine Government, the Secretary of Finance, with the approval of
the President of the Philippines, after consultation with the Monetary
Board, is authorized to borrow from time to time on the credit of the
Republic of the Philippines such sum or sums as in his judgment may be
necessary, and to issue therefor evidences of indebtedness of the
Philippine Government."
"Such evidences of indebtedness may be of the following types:cralaw:red
"a. Treasury bills issued on a discount basis or at
par and payable at maturity without interest. Treasury bills may be
offered for sale either on a competitive basis or at a fixed rate of
discount or at par and may be made payable at any date not later than
one year from the date of issue;"
"b. Certificate of indebtedness having maturities not
exceeding eighteen months from the date of issue; and"
"c. Treasury bonds, notes, securities or other
evidences of indebtedness having maturities of one year or more but not
exceeding twenty-five years from the date of issue."
"The Secretary of Finance, in consultation with the Monetary Board,
shall prescribe the form or forms, the interest and discount is
exempted from taxation or not, the denominations, maturities,
negotiability, convertibility, call and redemption features, and all
other terms and conditions of issuance, placement, sale, servicing,
redemption, and payment of all evidences of indebtedness issued under
the authority of this Act: Provided, however, That with respect to
treasury bills, certificates of indebtedness, and bonds, notes,
securities and other evidences of indebtedness, such terms and
conditions shall be within the limitations prescribed in subsection (a)
through (c) of the preceding paragraph: And provided, further, That
actual issue, placement, servicing and redemption of such securities
shall be done through the Central Bank of the Philippines, as provided
in sections one hundred twenty-two, one hundred and twenty-three and
one hundred twenty-four of the Central Bank Act." chanroblesvirtualawlibrary
"The evidences of indebtedness issued under the authority of this
section may be made payable, both as to principal and interest, in any
readily convertible foreign currency."
"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 specific securities, drawn
by lot, may be redeemed before maturity either at their face value or
above."
Section 2. This Decree shall take effect immediately.
Done in the City of Manila,
this 2nd day of March, in the year of Our Lord, nineteen hundred and
seventy-three.
|
Back
to Home
- Back
to Main
chanroblesvirtuallawlibrary
Since 19.07.98
|