WHEREAS, in
line with the objective of rapid economic growth, it is necessary for
the Government to provide massive credit financing for the development
and expansion of industry and agriculture;chanroblesvirtualawlibrary
WHEREAS, the Development Bank of the Philippines is the primary agency
of the Government which provides credit facilities for economic
development purposes;chanroblesvirtualawlibrary
WHEREAS, under its Charter (Republic Act No. 2081, as amended) the
Development Bank of the Philippines has an authorized capital of P3
billion fully subscribed by the Government, of which P1.8 billion has
been paid and except for the conversion of 20% of the Bank's annual net
income there is no provision for continuous payment of the Government'
subscription; chanroblesvirtualawlibrary
WHEREAS, the Development Bank of the Philippines is being called upon
to meet the funding requirements of high priority economic development
projects, specifically, the tourist hotel expansion program and food
production projects;chanroblesvirtualawlibrary
WHEREAS, the present provisions of the existing law governing the
payment of the Government's subscription to the capital stock of the
Bank is not sufficient to allow the Bank to increase its resources to
meet the funding requirements of the aforesaid priority projects;chanroblesvirtualawlibrary
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines,
by virtue of the powers in me vested by the Constitution and in order
to effect the desired changes and reforms in the social, economic, and
political structure of our Society, do hereby order and decree the
further amendment of Republic Act No. 2081, as amended, as follows:cralaw:red
Section 1. The following provision is hereby inserted
as letter (e) under Section 3 of R.A. 2081, as amended:cralaw:red
"(e) Whatever remaining balance of the unpaid
subscription of the Government to the capital stock of the Bank shall
be paid out of any funds in the National Treasury not otherwise
appropriated, be they collections from any or all taxes accruing to the
general fund or proceeds from loans, the issuance of bonds, treasury
bills or notes, which are hereby authorized to be incurred or to be
issued by the Secretary of Finance for the purpose, such amount to be
programmed and released in accordance with the following schedule:cralaw:red
P400 million — in FY 1975-76
P350 million — in FY 1976-77
P150 million — in FY 1977-78
P100 million — in FY 1978-79
P100 million — in FY 1979-80
P100 million — in FY 1980-81
Section 2. This Decree shall take effect
immediately. chanroblesvirtualawlibrary
DONE in the City of Manila,
this 17th day of October, in the year of Our Lord, Nineteen Hundred and
Seventy-Five.
|