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REPUBLIC
ACT NO. 4727
REPUBLIC ACT NO. 4727 - AN ACT
AMENDING SECTION SEVEN OF REPUBLIC ACT NUMBERED ONE THOUSAND FIVE
HUNDRED SIXTY-SIX, ENTITLED "AN ACT PROVIDING FOR THE ACQUISITION OF
BUILDINGS AND GROUNDS IN FOREIGN COUNTRIES FOR THE USE OF DIPLOMATIC
AND CONSULAR ESTABLISHMENTS AND OTHER AGENCIES OF THE PHILIPPINE
GOVERNMENT AND FOR THE SALE OR LEASE IN THE GOVERNMENT INTEREST OF SUCH
BUILDINGS AND GROUNDS AND LIKE PROPERTIES"
Section 1. Section seven of Republic Act Numbered One
thousand five hundred sixty-six is hereby amended to read as follows:
"Sec. 7. The Government service insurance system and
the social security system are hereby authorized to extend to the
national government loans, not exceeding ten million pesos for a term
of not exceeding ten years at such rates of interest and under such
terms and conditions as the board of trustees of government service
insurance system and of the social security system may require, which
loan, together with the proceeds of the sale of properties of the
department of foreign affairs abroad, are hereby made available to the
department for the acquisition by purchase or otherwise or by
construction of sites and buildings and for altering and furnishing
such buildings for the use of the diplomatic and consular
establishments and other agencies abroad of the Government of the
Philippines in accordance with the provisions of section one of this
act. Such sums, as may be necessary for the repayment of the loan,
including the interest thereon, are hereby automatically appropriated
annually out of the receipts from fees for certification of consular
invoices. The Secretary of Foreign Affairs shall report annually all
such transactions as well as any transaction made pursuant to Section five to the Congress with the budget estimates of the Department of
Foreign Affairs.
Sec. 2. This Act shall take effect upon its
approval.
Approved: June 18, 1966
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