collection of Philippine laws, statutes and codes
included or cited in the
the Chan Robles Virtual Law Library.
This page features the full text of
Republic Act No. 8555.
ACT NO. 8555
ACT NO. 8182,
Section 1. Republic Act No.
8182 is hereby amended to include a new Sec. 11-A to read as follows:cralaw
of any loan, credit or indebtedness under this Act or any law, the
of the Philippines may, when necessary, agree to waive or modify the
of any provision of law granting preferences in connection with, or
restrictions on, the procurement of goods or services: Provided,
That as far as practicable, utilization of the services of qualified
citizens or corporations or associations owned by such citizens in the
prosecution of projects financed under this Act shall be prepared on
basis of the standards set for a particular project: Provided,
That the matter of preference in favor of articles, materials, or
of the growth, production or manufacture of the Philippines, including
the method or procedure in the comparison of bids for purposes
shall be the subject of agreement between the Philippine Government and
the lending institution."
Sec. 2. Sec. 4 of Republic
Act No. 8182 is hereby amended to read as follows:cralaw
"Sec. 4. Use
equitable development. — The proceeds of ODA shall be used to
equitable growth and development in all provinces through priority
projects for the improvement of economic and social service facilities
taking into account such factors as land area, population, scarcity of
resources, low literacy rate, infant mortality and poverty incidence in
the area: Provided, That rural infrastructure, countryside
and economic zones established under the PEZA law shall be given
in the utilization of ODA funds. Towards this end, the National
and Development Authority (NEDA) shall endeavor to obtain ODA funds
donor countries, which shall approximately be five percent (5%) of the
total ODA loan from the immediately preceding year. Said funds shall be
administered by the NEDA for project identification, feasibility
master planning at local and regional levels, and monitoring and
evaluation: Provided, further, That ODA shall not be availed of
directly or indirectly for the following:
contracted as of 1 January 1996 except basic telephone programs and
for rural areas not adequately serviced and/or currently developed by
enterprises shall be entitled to ODA loan availments;
the ODA obtained shall be for previously identified national priority
which are urgent or necessary. ODA shall not be accepted or utilized
because of its availability, convenience, or accessibility."
by law to be served by the private sector; and
"(c) Financing for
corporations with access to commercial credit.
Sec. 3. Effectivity.
— This Act shall take effect after five (5) days from its publication
the Official Gazette or in at least two (2) national newspapers of
circulation whichever date comes first.
February 26, 1998
All Rights Reserved