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PRESIDENTIAL DECREE NO. 1622
PRESIDENTIAL DECREE NO. 1622 -
FURTHER AMENDING 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," AMENDED
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WHEREAS,
under Section 1 of R. A. 100, as amended, the President of the
Philippines, "upon recommendation of the Secretary of Finance, the
Monetary Board and the National Economic and Development Authority," 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 for socio-economic development;chanroblesvirtualawlibrary
WHEREAS, the present economic and social development plans entail
massive financing not only from foreign sources but also from domestic
borrowings to meet the peso counterpart funds required to sustain the
various foreign-assisted projects of the Government designed to enhance
economic growth;chanroblesvirtualawlibrary
WHEREAS, the balance out of the ceiling of two billion pesos fixed for
domestic borrowings under the present law is considered insufficient to
continuously support the Government's overall development plans.
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 further amendment to paragraph 1, Section 1 of R. A.
100, as amended, to read as follows: chanroblesvirtualawlibrary
"Sec. 1. Upon the recommendation of the Minister of
Finance, the Monetary Board, and the National Economic and 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 Ten billion pesos to finance public
works and project 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, The
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 Minister 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 ten 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."
Done in the City of Manila,
this 3rd day of May in the year of Our Lord, nineteen hundred and
seventy-nine.
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