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PRESIDENTIAL DECREE NO. 41
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PRESIDENTIAL DECREE NO. 41 -
ADDITIONAL SUBSCRIPTION OF THE PHILIPPINES TO THE CAPITAL STOCK OF THE
INTERNATIONAL DEVELOPMENT ASSOCIATION
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WHEREAS, there were pending before the
Congress prior to the promulgation of Proclamation No. 1081, dated
September 21, 1972, certain priority measures vital to the national
development program of the Government, and which were duly certified by
the President as urgent measures; chanroblesvirtualawlibrary
WHEREAS, one of these priority measures is a bill authorizing
additional subscription to the capital stock of the International
Development Association in accordance with the resolution adopted by
member nations to augment the resources of the Association;chanroblesvirtualawlibrary
WHEREAS, the Philippines has been recently a recipient of a credit from
the International Development Association in the aggregate amount of
$10 million and other projects are still being considered for financing
by the International Development association which has partially
satisfied the great need for funds of the Philippine Government for its
economic development projects:cralaw:red
WHEREAS, it is imperative that the necessary authority for the
Philippines to put up the required additional subscription to the
capital stock of the International Development Association in the
amount of $196,240 be granted: 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, do hereby decree and
order that the House Bill amending Section One of Republic Act No.
2687, as hereto attached is hereby adopted, and approved and made as
part of the law of the land. chanroblesvirtualawlibrary
This decree shall take effect immediately. chanroblesvirtualawlibrary
Done in the City of Manila,
this 7th day of November, in the year of Our Lord, nineteen hundred and
seventy-two.
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