REPUBLIC ACT NO. 4433 - AN ACT TO
AUTHORIZE THE DEVELOPMENT BANK OF THE PHILIPPINES AND THE PHILIPPINE
NATIONAL BANK TO GRANT LOANS TO PHYSICIANS AND DENTISTS WHO SHALL
PRACTICE IN THE RURAL AREAS, AMENDING FOR THE PURPOSE REPUBLIC ACT
NUMBERED FOURTEEN HUNDRED AND EIGHTY
Section 1. Section one of Republic Act Numbered Fourteen
hundred eighty is hereby amended to read as follows:
"Section 1. It is hereby declared a national policy to
give financial assistance to graduates of trade technical and
agricultural schools and colleges and to physicians and dentists who
shall practice in the rural areas with a view to helping them start an
industry, own a shop, develop a farm or operate a clinic and thus help
solve the unemployment problem and alleviate the health conditions of
the people and hasten the economic development of the Philippines."
Sec. 2. Section two of the same Act is hereby
amended to read as follows:
"Sec. 2. In accordance with this policy, any
provision of law or regulation to the contrary notwithstanding, the
Development Bank of the Philippines and the Philippine National Bank
are authorized to grant any bona fide graduate of a government trade or
technical school or college or a trade or technical school or college
duly recognized by the Government, a loan not exceeding two thousand
pesos, and to bona fide graduates of a government agricultural school
or college or a private agricultural school or college duly recognized
by the Government a loan of not exceeding three thousand pesos with the
collateral of the property purchased with the amount borrowed as
hereinafter authorized and payable in five years with interest at the
rate of four per centum to be used by said graduate for the purchase of
necessary equipment and/or the establishment of his shop to be operated
by him or the purchase of necessary agricultural implements or seeds
for the development of said land and to any physician or dentist who
shall practice in the rural areas, a loan of not less than ten thousand
pesos nor more than twenty thousand pesos with the collateral of the
property purchased with the amount borrowed as hereinafter authorized
and payable in ten years with interest at four per centum to be used by
said physician or dentist for the purchase of the necessary land,
materials and equipment and/or the establishment of his clinic:
provided, however, that the said loan shall be guaranteed by two
solvent and of good standing citizens of the Philippines who are not
constitutional officers: provided, further, that applicants for loans
under this Act shall be given preference over applications for loans of
more than twenty thousand pesos: provided, further, that repayment of
the loan granted to any physician or dentist shall commence two years
from the commercial operation of the clinic and no such loan shall be
granted until the applicant has executed an affidavit stating his
desire and the place where he shall practice in the rural area as
certified to by the provincial health officers concerned: provided,
finally, that as far as practicable, loans shall be equitably granted
to secure a nationwide distribution and coverage and prevent an undue
concentration of loan grants in any one place."
Sec. 3. The title of the same Act is amended to
read as follows:
"An Act authorizing the Development Bank of the Philippines and the
Philippine National Bank to grant loans to graduates of trade,
agricultural and technical schools and colleges in the Philippines and
physicians and dentists who shall practice in the rural areas, who are
Filipino citizens."
Sec. 4. This Act shall take effect upon its
approval.
Approved: June 19, 1965
|