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PRESIDENTIAL DECREE NO. 162
PRESIDENTIAL DECREE NO. 162
- AMENDING Section 7 OF PRESIDENTIAL DECREE NO. 6-A ENTITLED
"AUTHORIZING THE UNDERTAKING OF EDUCATIONAL DEVELOPMENT PROJECTS,
PROVIDING FOR THE MECHANICS OF IMPLEMENTATION AND FINANCING THEREOF,
AND FOR OTHER PURPOSES"
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chanroblesvirtualawlibrary
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 do hereby order and decree, to be part of the law of the land,
the following:cralaw:red
Section 1. Section 7 of Presidential Decree No. 6-A
dated September 21, 1972 is hereby amended to read as
follows: chanroblesvirtualawlibrary
"Sec. 7. Authority to Borrow. — The President of the
Philippines, in behalf of the Republic of the Philippines, may contract
loans, credits or indebtedness with any foreign source or lender under
such terms and conditions as may be agreed upon, any provisions of law,
including Republic Act Numbered Forty-eight hundred and sixty as
amended, Act Numbered Forty-two hundred and ninety-nine, Commonwealth
Act Numbered One hundred and thirty-eight, Commonwealth Act Numbered
Five hundred forty-one, Republic Act Numbered Nine hundred twelve,
Republic Act Numbered Fifty-one hundred eighty-three, and other related
laws to the contrary notwithstanding, for a total amount not exceeding
one hundred million United States Dollars or the equivalent thereof in
other currencies, as may be necessary to meet the direct and indirect
foreign exchange requirements and the peso costs of the projects
authorized under this Decree, including studies, surveys, equipment,
machineries, supplies, construction, installation and related services
of any such projects: Provided, That the manner of application and
utilization of the loan proceeds herein provided shall likewise apply
to existing credit agreements: Provided, further, That the loans,
credits or indebtedness are incurred on terms of payment of not less
than ten (10) years. chanroblesvirtualawlibrary
Section 2. This Decree shall take effect immediately.
Done in the City of Manila,
this 29th day of March, in the year of Our Lord, nineteen hundred and
seventy-three.
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