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PRESIDENTIAL DECREE NO. 1793
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PRESIDENTIAL DECREE NO. 1793
- AMENDING Section 5 OF REPUBLIC ACT NO. 5980, AS AMENDED, OTHERWISE
KNOWN AS THE "FINANCING COMPANY ACT"
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WHEREAS,
the Central Bank of the Philippines has been vested with the power to
prescribe in consultation with the Securities and Exchange Commission,
or change the purchase discount rates, fees and other charges of
finance companies;chanroblesvirtualawlibrary
WHEREAS, there is a need to vest upon the Central Bank of the
Philippines the express authority to adopt a more flexible policy on
such purchase discount rates, fees and other changes of finance
companies that would be more responsive to the requirements of changing
economic and social conditions.
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 No. 5980, as follows:cralaw:red
Section 1. The first paragraph of Section 5 of
Republic Act No. 5980 is hereby amended to read as follows:cralaw:red
The Monetary Board of the Central Bank of the Philippines is hereby
empowered, in consultation with the Securities and Exchange Commission,
to prescribe the maximum rate or rates of purchase discounts, fees,
service and other charges of financing companies, and to change,
eliminate or grant exemptions from or suspend the effectivity of such
rate(s) whenever warranted by prevailing economic and social
conditions.
Section 2. The provisions of laws, decrees, orders,
rules and regulations or parts thereof, which are inconsistent with the
provisions of this Decree are hereby repealed or modified
accordingly. chanroblesvirtualawlibrary
Section 3. 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
eighty-one.
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