WHEREAS, in
furtherance of the National Economic Recovery Program, the Philippines
has agreed to a multi-national arrangement for the rescheduling of
credits made, guaranteed or insured by foreign governments and their
agencies;chanroblesvirtualawlibrary
WHEREAS, under bilateral agreements being negotiated with or to be
concluded with some creditor countries, foreign currency obligations of
public sector obligors other than the National Government and of
private sector obligors guaranteed by government corporations have to
be assumed by, and consolidated with the foreign currency obligations
of the National Government; chanroblesvirtualawlibrary
WHEREAS, the issuance of this Decree is an essential and necessary
component of the National Economic Recovery Program formulated to meet
and overcome the current economic crisis.
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Republic of
the Philippines, by virtue of the powers vested in me by the
Constitution, do hereby direct and order the amendment of Section 13 of
Presidential Decree No. 1961 to read as follows: chanroblesvirtualawlibrary
"Sec. 13. In the furtherance of the National Economic
Recovery Program of the Philippines, the Republic of the Philippines,
political subdivisions and instrumentalities of the Republic of the
Philippines, and corporations, including financial institutions owned
or controlled by the Government of the Republic of the Philippines and
corporations more than fifty percent of the beneficial ownership of
which is held by one or more of such government-owned or controlled
corporations, may reschedule, refinance or restructure their foreign
currency loans, credits and indebtedness, including suppliers' credits,
deferred payment arrangements and official assistance, upon such terms
and conditions as may be agreed with the lenders, creditors, or
suppliers. The Republic of the Philippines may, when authorized by the
President in writing, and on such terms and conditions as may be agreed
upon with such foreign governments and/or their agencies, refinance or
assume the foreign currency loans made, guaranteed or insured by such
foreign governments and their agencies in favor of: (a) corporations
owned or controlled by the Government of the Republic of the
Philippines and corporations more than fifty percent of the beneficial
ownership of which is held by one or more of such government-owned or
controlled corporations; and (b) Philippine private sector corporations
which are guaranteed by government-owned or controlled corporations,
both in connection with the rescheduling, refinancing or reinstructing
of such official credits or indebtedness. chanroblesvirtualawlibrary
This Decree shall take effect immediately. chanroblesvirtualawlibrary
Done in the City of Manila,
this 21st day of June, in the year of Our Lord, nineteen hundred and
eighty-five.
|