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Chan Robles Virtual Law Library
PRESIDENTIAL DECREE NO. 251
PRESIDENTIAL DECREE NO. 251 -
AMENDING CERTAIN PROVISIONS OF REPUBLIC ACT NUMBERED THREE THOUSAND
EIGHT HUNDRED FORTY-FOUR, AS AMENDED, ENTITLED "THE CODE OF AGRARIAN
REFORM IN THE PHILIPPINES"
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chanroblesvirtualawlibrary
WHEREAS,
there is imperative need for immediate implementation of agrarian
reform envisioned under Presidential Decree Nos. 27 and 85 dated
October 21, 1972 and December 25, 1972, respectively;chanroblesvirtualawlibrary
WHEREAS, the implementation of such a revolutionary program of rural
change demands an effective administrative machinery financially and
organizationally equipped to mobilize and harness properly all
available government resources for the realization of desired agrarian
reform;chanroblesvirtualawlibrary
WHEREAS, the Land Bank, the only financial institution established for
agrarian reform, is presently deficient and inadequate both in
capitalization and in organization structure to meet the implementation
requirements of the agrarian reform program;chanroblesvirtualawlibrary
NOW, THEREFORE, 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, as amended, do hereby order and
decree:cralaw:red
Section 1. Section seventy-four of Republic Act
Numbered Three thousand eight hundred and forty-four, as amended, is
hereby further amended to read as follows:cralaw:red
"Sec. 74. Creation. — To provide timely and adequate
financial support in all phases involved in the execution of needed
agrarian reform, there is hereby established a body corporate and
government instrumentality to be known as the "Land Bank of the
Philippines," hereinafter called the "Bank," which shall have its
principal place of Business in Greater Manila. The legal existence of
the Bank shall be for a period of fifty (50) years from the date of
approval hereof."
Section 2. Section seventy-five of the same Act is
hereby amended to read as follows:cralaw:red
"Sec. 75. Powers in General. — The bank shall have
the power. chanroblesvirtualawlibrary
"1. To prescribe, repeal and alter its own by-laws to
determine its operating policies, and to issue such rules and
regulations as may be necessary;chanroblesvirtualawlibrary
"2. To adopt, alter and use a corporate seal;chanroblesvirtualawlibrary
"3. To hold, purchase, acquire and own real and
personal property, introduce necessary improvements thereon to enhance
and develop their social and economic values, and to sell, mortgage or
otherwise dispose of the same;chanroblesvirtualawlibrary
"4. To sue and be sued, make contracts, negotiate and
secure loans from both local and foreign sources. Before undertaking
any such credit operation, the Bank, through the Secretary of Finance,
shall request the opinion, in writing, of the Monetary Board on the
monetary implications of the contemplated action. All loans from
foreign sources shall be subject to approval by the President of the
Philippines and shall be fully guaranteed by the Philippine Government;chanroblesvirtualawlibrary
"5. To grant short, medium and long term loans and
advances against security of real estate and/or other acceptable assets
for the establishment, development or expansion of agricultural,
industrial, home building or home financing projects and other
productive enterprises;chanroblesvirtualawlibrary
"6. To grant loans to farmers'
cooperatives/associations to facilitate production, marketing of crops
and acquisition of essential commodities;chanroblesvirtualawlibrary
"7. To finance and/or guarantee the acquisition,
under Presidential Decree No. 85 dated December 25, 1972, of farm lots
transferred to tenant-farmers pursuant to Presidential Decree No. 27
dated October 21, 1972;chanroblesvirtualawlibrary
"8. To underwrite, hold, own, purchase, acquire,
sell, mortgage, dispose or otherwise invest or reinvest in stocks,
bonds, debentures, securities and other evidences of indebtedness of
other corporations and of the government or its instrumentalities which
are issued for or in connection with any project or enterprise;chanroblesvirtualawlibrary
"9. The provision of any law to the contrary
notwithstanding, to guarantee acceptance(s), credits, loans,
transactions or obligations of any person, co-partnership, association
or corporation in favor of any financing or banking institution,
whether foreign or domestic: Provided, That the proceeds of such
acceptances, credits, loans, transactions or obligations are utilized
or earmarked for the development and/or expansion of agriculture and
industry; chanroblesvirtualawlibrary
"10. To borrow from, or rediscount notes, bills of
exchange and other commercial papers with, the Central Bank. The rate
of interest to be charged and the conditions on such obligations or
borrowings shall be subject to the rules and regulations of the
Monetary Board;chanroblesvirtualawlibrary
"11. To act as trustee, or administer any trust or
hold property in trust in accordance with the provisions of law
governing trust corporations; and
"12. To exercise the general powers mentioned in the
Corporation Law and the General Banking Act, as amended, insofar as
they are not inconsistent or incompatible with this Decree." chanroblesvirtualawlibrary
Section 3. Section seventy-six of the same Act is
hereby amended to read as follows:cralaw:red
"Sec. 76. Issuance of Bonds. — The bank shall, upon
recommendation of the Secretary of Finance and after consultation with
the National Economic and Development Authority and the Monetary Board,
and with the approval of the President of the Philippines, issue bonds,
debentures, securities, collaterals and other evidences of
indebtedness, rates and conditions as the Bank may determine, up to an
aggregate amount not exceeding, at any one time, ten times its paid-in
capital and surplus. These bonds and other obligations shall be
redeemable at the option of the Bank at or before maturity and in such
manner as may be stipulated therein and shall bear such rate of
interest as may be fixed by the Bank. Such obligations shall be secured
by the assets of the Bank including the stocks, bonds, debentures, and
other securities underwritten, purchased or held by it under the
provisions of this Decree. Such obligations may be issued in payment
and/or replacement of certain assets transferred to the Bank and/or
offered for sale at such price or prices as the Bank may determine, and
shall be exempt from taxation both as to principal and interest, and
shall be fully guaranteed by the Government of the Republic of the
Philippines, and such guarantee shall be expressed on the face thereof.
These instruments of indebtedness shall be negotiable and may be
mortgaged in accordance with established banking procedures and
practices with the government institutions, their existing charters
and/or laws to the contrary notwithstanding, to enable the holders of
such bonds to make use of them in investments in productive
enterprises. The Board of Directors shall have the power to prescribe
rules and regulations for the issuance, reissuance, servicing,
placement and redemption of the bonds herein authorized to be issued as
well as the registration of such bonds at the request of the holders
thereof. chanroblesvirtualawlibrary
Section 4. Section seventy-seven of the same Act is
hereby amended to read as follows:cralaw:red
"Sec. 77. Issuance of Preferred Shares of Stock to
Finance Acquisition of Farm Lots and Other Assets. — The Bank shall
issue, from time to time, preferred shares of stock in such quantities
as may be necessary to pay the landowners in accordance with Section
eighty and eighty-one of this Code, and for acquisition of other assets
should the seller elect to accept such payment. The amount of shares
that the Bank may issue shall not exceed the aggregate amount needed to
pay the landowners in the proportion prescribed in said Section eighty
of this Code. The Board of Directors shall include as a necessary part
of the by-laws that it shall issue under Section seventy-five of this
Code, such formula as it deems adequate for determining the net asset
value of its holdings as a guide and basis for the issuance of
preferred shares. The shares of stock issued under the authority of
this provision shall be guaranteed a rate of return of at least six per
centum. In the event that the earnings of the Bank for any single
fiscal year are not sufficient to enable the Bank, after making
reasonable allowance for administration, contingencies and growth, to
declare dividends at the guaranteed rate, the amount equivalent to the
difference between the Bank's earnings available for dividends and that
necessary to pay the guaranteed rate shall be paid by the Bank out of
its own assets but the government shall, on the same day that the Bank
make such payment, reimburse the latter in full, for which purpose such
amounts as may be necessary to enable the Government to make such
reimbursements are hereby appropriated out of any moneys in the
National Treasury not otherwise appropriated. The Bank shall give
sufficient notice to the Budget Commissioner and the Secretary of
Finance in the event that it is not able to pay the guaranteed rate of
return on any fiscal period. The guaranteed rate of return on these
shares shall not preclude the holders thereof from participating at a
percentage higher than six per centum should the earnings of the Bank
for the corresponding fiscal period exceed the guaranteed rate of
return. The Board of Directors shall declare and distribute dividends
within three months after the close of each fiscal year at the
guaranteed rate unless a higher rate of return is justified by the
Bank's earnings after making reasonable allowance for administration,
contingencies and growth, in which case, dividends shall be declared
and distributed at a higher rate. The capital gains derived from the
sale or transfer of such shares and all income derived therefrom in the
form of dividends shall be fully tax-exempt." chanroblesvirtualawlibrary
Section 5. Section seventy-eight of the same Act is
hereby amended to read as follows:cralaw:red
"Sec. 78. Special Guaranty Fund. — In the event that
the Bank shall be unable to pay the bonds, debentures and other
obligations issued by it, a fixed amount thereof shall be paid from a
special guaranty fund to be set up by the Government, to guarantee the
obligation of the Bank, and established in accordance with this Section
and, thereupon, to the extent of the amounts so paid, the Government of
the Republic of the Philippines shall succeed to all rights of the
holders of such bonds, debentures or other obligations: Provided,
however, That the Government shall pay into the guaranty fund the sum
of five million pesos each year until the cumulative total of such
guaranty fund is no less than twenty per cent of the outstanding net
obligation of the Bank at the end of any calendar year.
"The special guaranty fund shall be administered by the Central Bank of
the Philippines in the manner most consistent with its charter. For the
purpose of such funds, the sum of five million pesos is hereby
appropriated annually out of any moneys in the National Treasury not
otherwise appropriated, until the total amount of one hundred million
pesos shall have been attained therefrom."
Section 6. Section seventy-nine of the same Act is
hereby amended to read as follows:cralaw:red
"Sec. 79. Receipts of Deposits. — The Bank, subject
to the provisions of the General Banking Act, as amended, is authorized
to receive demand, savings and time deposits.
"The Secretary of Finance, the National Treasurer and his authorized
representatives, city and municipal treasurers as well as custodians of
funds or those belonging to government-owned or controlled
corporations, may be authorized by the Monetary Board to make and
actually maintain deposits of any government or corporate funds with
the Land Bank.
"Sec. 79-A. Administration of Agricultural Guarantee
Funds. — All agricultural guarantee funds shall be converted into a
trust fund to be administered by the Bank."
Section 7. Section eighty of the same Act is hereby
amended to read as follows:cralaw:red
"Sec. 80. Modes of Payment. — The Bank shall finance
the acquisition of farm lots under any of the following modes of
settlement: chanroblesvirtualawlibrary
"1. Cash payment of 10% and balance in 25-year
tax-free 6% Land Bank bonds;chanroblesvirtualawlibrary
"2. Payment of 30% in preferred shares of stock
issued by the Bank and balance in 25-year tax-free 6% Land Bank bonds;chanroblesvirtualawlibrary
"3. Full guarantee on the payment of the fifteen (15)
equal annual amortizations to be made by the tenant/farmer;chanroblesvirtualawlibrary
"4. Payment through the establishment of annuities or
pensions with insurance;chanroblesvirtualawlibrary
"5. Exchange arrangement for government stocks in
government-owned or controlled corporations or private corporations
where the government has holdings;chanroblesvirtualawlibrary
"6. Such other modes of settlement as may be further
adopted by the Board of Directors and approved by the President of the
Philippines.
In the event there is existing lien or encumbrance on the land in favor
of any Government lending institution at the time of acquisition by the
Bank, the landowner shall be paid the net value of the land (i.e., the
value of the land determined under Proclamation No. 27 minus the
outstanding balance/s of the obligation/s secured by the lien/s or
encumbrance/s), and the outstanding balance/s of the obligations to the
lending institution/s shall be paid by the Land Bank in Land Bank bonds
or other securities; existing charters of those institutions to the
contrary notwithstanding. A similar settlement may be negotiated by the
Land Bank in the case of obligations secured by liens or encumbrances
in favor of private parties or institutions.
"Whenever the Bank pays the whole or a portion of the total cost of
farm lots, the Bank shall be subrogated by reason thereof, to the right
of the landowner to collect and receive the yearly amortizations on
farm lots or the amount paid including interest thereon, from
tenant/farmers in whose favor said farm lots had been transferred
pursuant to Presidential Decree No. 27, dated October 21, 1972.
"The profits accruing from payment shall be exempt from tax on capital
gains."
Section 8. Section eighty-one of the same Act is
hereby amended to read as follows:cralaw:red
"Sec. 81. Capital. — The authorized capital stock of
the Bank shall be three billion pesos, divided into one hundred and
eighty million common shares with a par value of ten pesos each, which
shall be fully subscribed by the Government, and one hundred and twenty
million preferred shares with a par value of ten pesos each, which
shall be issued in accordance with the provisions of Sections
seventy-seven and eighty-three of this Code. These preferred shares
shall be non-voting. The Board, upon the recommendation of the
Secretary of Finance and with the approval of the President of the
Philippines, may increase the capitalization of the Bank up to such an
amount as may be necessary to attain the objectives of this Act. The
total capital stock subscribed by the Government shall be paid by the
Agrarian Reform Fund Commission created under Presidential Decree No.
85, hereinafter referred to as the "Commission," as follows: four
hundred million pesos within sixty (60) days from the approval of this
Decree, and at least one hundred million pesos every year thereafter
until the total subscription of the Government is fully paid: Provided,
That the common and preferred shares of the Bank which have been
issued, including those already subscribed, shall form part of the
increased capitalization of the Bank: Provided, further, That the
Government is authorized to appropriate funds out of the National
Treasury for this purpose." chanroblesvirtualawlibrary
Section 9. Section eighty-three of the same Act is
hereby amended as follows:cralaw:red
Sec. 83. Preferred Shares. — All preferred shares or
stock issued under Section seventy-seven of this Code shall be entitled
to the income earned by the Bank on its investments and other
operations: Provided, That the holders of such preferred shares of
stock shall not bring derivative suits against the Bank. Such preferred
shares shall be fully transferrable: Provided, further, That upon the
liquidation of the Bank, the redemption of such preferred shares shall
be given priority."
Section 10. Section eighty-four of the same Act is
hereby amended to read as follows:cralaw:red
"Sec. 84. Voting of Shares. — The voting power of all
the common shares of stock of the Bank owned and controlled by the
Government shall be vested in the President of the Philippines or in
any ex-officio member of the Board of Directors of the Bank as he may
designate."
Section 11. Section eighty-five of the same Act is
hereby amended to read as follows:cralaw:red
"Sec. 85. Use of Bonds. — The bonds issued by the
Bank may be used by the holder thereof and shall be accepted for any of
the following:cralaw:red
"1. Payment for agricultural lands or other real
properties purchased from the Government. chanroblesvirtualawlibrary
"2. Payment for the purchase of shares of stock or
assets or government-owned or controlled corporations.
"Upon offer by the bondholders, the corporation owned or controlled by
the Government shall, through its Board of Directors, negotiate with
such bondholder with respect to the price and other terms and
conditions of the sale. In case there are various bondholders making
the offer, the one willing to purchase under terms and conditions most
favorable to the corporation shall be preferred. If no price is
acceptable to the corporation, the same shall be determined by the
Committee of Appraisers composed of three members, one to be appointed
by the corporation, another by the bondholder making the highest or
only offer, and the third by the two members, so chosen. The expense of
appraisal shall be borne equally by the corporation and the successful
purchaser.
"Should the Government offer for sale to the public any or all the
shares of stock or the assets of any of the Government-owned or
controlled corporations, the bidder who offers to pay in bonds of the
Land Bank shall be preferred, provided that the various bids be equal
in every respect except in the medium of payment.
"3. Surety, bail bonds for the provisional release of
accused person or performance bonds in all cases where the Government
may require or accept real property as bonds.
"4. Security for loans applied with the Philippine
National Bank of the Philippines, Government Service Insurance System,
Social Security System, and other governmental financial institutions,
existing charters of these institutions to the contrary
notwithstanding.
"5. Payment for reparations goods the provisions of
Republic Act Nos. 1700 and 90, as amended, to the contrary
notwithstanding.
Section 12. Section eighty-six of the same Act is
hereby amended to read as follows:cralaw:red
"Sec. 86. Board of Directors; Membership; Per Diem. —
The affairs and business of the Bank shall be directed and its property
managed and preserved by a Board of Directors consisting of seven (7)
members to be composed of the Secretary of Finance as Chairman, the
President of the Bank as Vice-Chairman, the Secretary of Agrarian
Reform and the Secretary of Labor as ex-officio members, and three
members to be elected as hereinafter provided. chanroblesvirtualawlibrary
"Annually, on the first Tuesday after the first Monday in December, the
stockholders shall meet to take up, among others, the election of two
(2) members of the Board of Directors for the succeeding year, each
common shareholder or proxy to be entitled to as many votes as he may
have shares of stock registered in his name on the 31st day of October
last preceding and held by him at the time of the election.
"The Board shall convene as frequently as is necessary to discharge its
responsibilities properly, but shall meet at least once every two
weeks. The Board may be convoked either by the Chairman or, in his
absence, the Vice-Chairman.
"The presence of four (4) members shall constitute a quorum.
"All decisions of the Board shall require the concurrence of at least
four (4) members.
"The Chairman and the members of the Board shall receive a per diem of
two hundred fifty pesos for each session of the Board attended, but in
no case to exceed two thousand pesos a month.
"Sec. 86-A. Powers and Responsibilities of the Board.
— The Board of Directors shall have, among others, the following
specific powers and responsibilities:cralaw:red
"1. Formulate policies, rules and regulations for the
effective operation of the Bank;chanroblesvirtualawlibrary
"2. Take decisions concerning loans as well as fix
the rates of interest thereon, guarantees, investments, borrowing by
the Bank, furnishing of technical assistance and other operations of
the Bank;chanroblesvirtualawlibrary
"3. Establish such branches and agencies as may be deemed necessary and
convenient;chanroblesvirtualawlibrary
"4. Provide for the appointment and removal and fix
the reasonable compensation of such personnel as may be necessary for
the expeditious conduct of the business of the Bank; and
"5. Approve the budget of the Bank."
Section 13. Section eighty-seven of the same Act is
hereby amended to read as follows:cralaw:red
"Sec. 87. Executive Officers; Compensation. — The
Chief Executive of the Bank shall be the President, who shall be chosen
and may be removed by the Board of Directors with the advice and
consent of the President of the Philippines. His salary shall be fixed
by the Board of Directors with the approval of the President of the
Philippines. The President shall be assisted by Vice-Presidents as may
be required, whose appointments and removal shall be approved and whose
salaries shall be fixed by the Board of Directors upon recommendation
of the President of the Bank.
"Sec. 87-A. Duties and Powers of the President. — The
President of the Bank shall, among others, execute the policies,
measures, orders and resolutions promulgated by the Board of Directors
and supervise and administer the operation of the Bank. He shall be the
legal representative of the Bank and shall make all contracts, enter
into all necessary obligations on behalf of the bank, and recommend
changes of policies which may to him seem best. He shall furnish, upon
request of the President of the Philippines, any information in his
possession regarding the operations of the bank.
Section 14. Section eighty-eight of the same Act is
hereby amended to read as follows:cralaw:red
"Sec. 88. Qualifications of Executive Officers. — No
person shall be appointed to any executive position in the Bank
mentioned in the preceding section unless he be of good moral character
and unquestionable integrity and responsibility, and who is of
recognized competence in the field of economics, agriculture, industry,
banking and/or finance, at least thirty-five (35) years of age and
possessed of demonstrated administrative skill and ability."
Section 15. Section eighty-nine of the same Act is
hereby amended to read as follows:cralaw:red
"Sec. 89. Withdrawal of Person Having Personal
Interest. — Whenever any member attending a meeting of the Board has a
personal interest of any sort in the discussion or resolution of any
given matter, or any of his relatives within the fourth degree of
consanguinity or a second degree of affinity has such interest, said
member shall not participate in the discussion or resolution of the
matter and must retire from the meeting during the deliberations
thereon. The subject matter, when resolved, and the fact that a member
had a personal interest in it, shall be made available to the public.
The minutes of the meeting shall note the withdrawal of the member
concerned." chanroblesvirtualawlibrary
Section 16. Section ninety of the same Act is hereby
amended to read as follows:cralaw:red
"Sec. 90. Personnel. — The Board of Directors shall
provide for an organization and staff of officers and employees of the
Bank and upon recommendation of the President of the Bank, appoint and
fix their remunerations and other emoluments, and remove such officers
and employees; Provided, That the Board shall have exclusive and final
authority to promote, transfer, assign or reassign personnel of the
Bank, any provisions of existing law to the contrary notwithstanding.
"The Bank officers and employees, including all members of the Board,
shall not engage directly or indirectly in partisan activities or take
part in any election except to vote.
"No officer or employee of the Bank subject to the Civil Service Law
and regulations shall be removed or suspended except for cause as
provided by law."
Section 17. Section ninety-one of the same Act is
hereby amended to read as follows:cralaw:red
"Sec. 91. Legal Counsel. — Any provision of existing
law or executive order to the contrary notwithstanding, the Bank shall
have its own Legal Department, the chief and members of which shall be
appointed by the Board of Directors."
Section 18. Section ninety-two of the same Act is
hereby amended to read as follows: chanroblesvirtualawlibrary
"Sec. 92. Auditor. — The Chairman of the Commission
on Audit shall act as the ex-officio Auditor of the Bank and, as such,
he is empowered and authorized to appoint a representative who shall be
the auditor in charge of the auditing office of the Bank and in
accordance with law, fix his salary, and to appoint and fix the
salaries and number of personnel to assist said representative in his
work, but in all cases subject to the approval of the Board of
Directors. The salaries and all other expenses of maintaining the
auditor's office shall be paid by the Bank. The Auditor of the Bank and
personnel under him may be removed only by the Commission on Audit."
Section 19. Section ninety-three of the same Act is
hereby amended to read as follows:cralaw:red
"Sec. 93. Report on Condition of the Bank. — The
representative of the Commission on Audit shall make a quarterly report
on the condition of the Bank to the President of the Philippines, to
the Secretary of Finance, to the Chairman of the Commission on Audit,
and to the Board of Directors of the Bank. The report shall contain,
among other things, a statement of the resources and liabilities,
including earnings and expenses, the amount of capital stock, surplus,
reserve and profits, as well as losses, bad debts, and suspended and
overdue paper carried in the books and assets of the Bank."
Section 20. Section ninety-five of the same Act is
hereby repealed.
Section 21. Section ninety-seven of the same Act is
hereby amended to read as follows: chanroblesvirtualawlibrary
"Sec. 97. Central Bank Supervision. — The Bank shall
be under the supervision and regulation of the Central Bank of the
Philippines."
Section 22. Section ninety-eight of the same Act is
hereby amended to read as follows:cralaw:red
"Sec. 98. Tax Exemptions. — The Land Bank shall be
exempt from all national, provincial, municipal, and city taxes and
assessment now enforced or hereinafter established.
"The exemption authorized in the preceding paragraph of this section
shall apply to all property of the Bank, to the resources, receipts,
expenditures, profits and income of the Bank, as well as to all
contracts, deeds, documents and transactions related to the conduct of
the business of the Bank, Provided, That said exemptions shall apply
only to such taxes and assessments payable by persons or other entities
doing business with the Bank."
Section 23. Section ninety-nine of the same Act is
hereby amended to read as follows:cralaw:red
"Sec. 99. Reorganization of the Bank. — The Bank
shall be reorganized within ninety (90) days from the date this Decree
take effect. The present personnel complement of the Bank shall in the
interim continue to discharge their respective functions. Officials and
personnel whose services may be dispensed with as a result of this
reorganization shall be paid the usual gratuities to which they may be
entitled under existing law."
Section 24. Section one hundred of the same Act is
hereby amended to read as follows:cralaw:red
"Sec. 100. Penalty for Violation of the Provisions of
this Chapter. — Any director, officer, employee or agent of the Bank
who violates or permits the violation of any of the provisions of this
Chapter or any personding or abetting the violation of any of the
provisions of this Chapter, shall be punished by a fine of not to
exceed ten thousand pesos or by imprisonment of not more than five
years, or both, such fine and imprisonment at the discretion of the
Court."
Section 25. Applicability of Republic Act. No. 337 as
amended, and Presidential Decree No. 129. — The provisions of the
General Banking Act (Republic Act No. 337, as amended) and of
Presidential Decree No. 129 insofar as they are not in conflict or
inconsistent with the provisions of this Act shall apply to this Bank.
Section 26. Repealing Clause. — All laws, executive
orders, rules and regulations or parts thereof inconsistent with this
Decree are hereby repealed and/or modified accordingly.
Section 27. Effectivity. — This Decree shall take
effect immediately.
Done in the City of Manila,
this 21st day of July, in the year of Our Lord, nineteen hundred and
seventy-three.
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