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PRESIDENTIAL DECREE NO. 450
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PRESIDENTIAL DECREE NO. 450 -
AMENDING FURTHER Section FIVE (a) OF REPUBLIC ACT NUMBERED THREE
THOUSAND SEVEN HUNDRED SEVENTY-NINE, AS AMENDED, OTHERWISE KNOWN AS
"THE SAVINGS AND LOAN ASSOCIATION ACT"
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WHEREAS,
savings and loan associations have proved to be effective instruments
in encouraging the savings habit of the people, especially among the
low and middle-income groups and in providing additional credit
facilities to households, consumers, small-scale entrepreneurs and
home-builders;chanroblesvirtualawlibrary
WHEREAS, in addition to catering to the credit needs of households by
providing personal finance and long-term financing for home building
and development, stock savings and loan associations should also be
harnessed to help in the financing of agricultural projects, as
envisioned in the Land Reform Program;chanroblesvirtualawlibrary
NOW, THEREFORE, I, FERDINAND E. MARCOS, by virtue of the powers in me
vested by the Constitution and in order to help effect the desired
changes and reforms in the social and economic structure of our
society, do hereby order and decree the amendment of Republic Act No.
3779, as amended, as follows: chanroblesvirtualawlibrary
Section 1. Subsection (a) of Section five of Republic
Act Numbered Three thousand seven hundred seventy-nine, as amended, is
hereby amended to read as follows:cralaw:red
"(a) To grant loans of not exceeding the amount
deposited by the borrower plus his four month's salary or regular
income in the case of a permanent employee or wage earner, or seventy
per cent of the fair market value of any property acceptable as
collateral on first mortgage that he may put up by way of security:
Provided, That no loan shall have a maturity date of more than three
years, except loans on the security of unencumbered real estate for the
purpose of home building and home development which may be granted with
maturities not exceeding twenty years and medium or long-term loans to
finance agricultural projects, subject to regulations prescribed by the
Monetary Boards: Provided, further, That in the case of a borrower who
is a permanent employee or wage earner, the treasurer, cashier, or
payment of the office employing him is authorized, the provisions of
any existing law, rule and regulation to the contrary notwithstanding,
to make deductions from his salary, wage or income pursuant to the
terms of his loan, to remit deductions to the savings and loan
association, and to collect such reasonable fee for his services as may
be authorized by rules promulgated by the Monetary
Board." chanroblesvirtualawlibrary
Section 2. All Acts and parts of Acts inconsistent
with the provisions of this Decree are hereby repealed, amended or
modified.
Section 3. This Decree shall take effect immediately.
Done in the City of Manila,
this 10th day of May, in the year of Our Lord, nineteen hundred and
seventy-four.
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