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PRESIDENTIAL DECREE NO. 1878
PRESIDENTIAL DECREE NO. 1878 -
AMENDING REPUBLIC ACT NO. 245, AS AMENDED
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Whereas,
there is need to provide the national government with additional
sources of dollar funds at competitive terms, in order to sustain its
development projects.
Whereas, there is need to generate foreign exchange receipts for
purposes of improving the country's Balance of Payments.
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:cralaw:red
Section 1. Republic Act No. 245, as amended, is
hereby further amended by adding two new sections after Section 2
thereof, to read as follows:cralaw:red
"Sec. 2-A. All investments in evidences of
indebtedness issued under this Act and denominated in foreign
currencies shall be freely transferable and remittable abroad and are
hereby declared as and considered of an absolutely confidential nature
and, expect upon the written permission of the investor or holder, in
no instance shall such investments be examined, inquired or looked into
by any person, government official, bureau or office, whether judicial,
administrative or legislative, or any other entity whether public or
private: Provided, Further, That said investments shall be exempt from
attachment, garnishment, or any other order or process of any Court,
legislative body, government agency or any administrative body
whatsoever."
"Sec. 2-B. Amendatory Enactments and regulations. In
the event a new enactment or regulation is issued decreasing the rights
hereunder granted, such new enactment or regulation shall not apply to
investments in evidences of indebtedness already made or existing at
the time of issuance of such new enactment or regulation, but such new
enactment or regulation shall apply only to investments made after its
issuance." chanroblesvirtualawlibrary
Section 2. This Decree shall take effect immediately.
Done in the City of Manila,
this 22nd day of July, in the year of Our Lord, nineteen hundred and
eighty-three.
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