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PRESIDENTIAL DECREE NO. 1014
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PRESIDENTIAL DECREE NO. 1014 -
AUTHORIZING THE INCREASE IN THE SUBSCRIPTION OF THE PHILIPPINES TO THE
CAPITAL STOCK OF THE INTERNATIONAL FINANCE CORPORATION AND PROVIDING
FOR THE PROCEDURE TO MEET THE FINANCIAL REQUIREMENTS THEREFOR
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WHEREAS,
the Board of Governors of the International Finance Corporation (IFC),
a World Bank affiliate, has approved the increase in the Corporation's
authorized capital from US$110,000,000 to US$650,000,000 to meet IFC's
loan and equity commitments which have grown rapidly in recent years
and to provide funds for the planned level of operations to further the
economic development of member countries;chanroblesvirtualawlibrary
WHEREAS, the IFC offered for subscription to member countries the newly
created 540,000 shares having a par value of US$1,000 each, of which
the Philippines is proportionately allocated additional 3,081 shares
involving a total amount of US$3,081,000 at US$1,000 per share;chanroblesvirtualawlibrary
WHEREAS, since its establishment in 1956 IFC has been extending
financial assistance in the form of loans and investment in capital
shares and technical assistance to productive private enterprises in
the Philippines;chanroblesvirtualawlibrary
WHEREAS, it is the policy of the Philippine Government to pursue its
international commitments on multilateral agreementsmed to promote
economic growth and development;chanroblesvirtualawlibrary
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines,
by virtue of the powers vested in me by the Constitution, do hereby
order and decree as follows:cralaw:red
Section 1. The President of the Philippines is hereby
authorized to negotiate for the increase in the subscription of the
Republic of the Philippines to the capital stock of the International
Finance Corporation, Provided, however, That such additional
subscription shall not exceed ten million United States dollars.
Section 2. To cover the payments on the increase in
the subscription to the capital stock of the International Finance
Corporation, the Secretary of Finance is authorized to secure, for and
in behalf of the Republic of the Philippines, advances from the Central
Bank of the Philippines, the necessary funds against which he shall
issue five-year non-interest bearing and non-negotiable promissory
notes of the Republic of the Philippines: Provided, however, That said
promissory notes may be renewed for another period of five years. chanroblesvirtualawlibrary
Section 3. There is hereby appropriated out of any
funds in the National Treasury not otherwise appropriated, such sums as
may be necessary for the payment of advances made by the Central Bank
as provided under Section 2 of this Decree.
Section 4. All laws, rules and regulations
inconsistent with this Decree are hereby amended or modified
accordingly.
Section 5. This Decree shall take effect immediately.
Done in the City of Manila,
this 22nd day of September in the year of Our Lord, Nineteen hundred
and seventy-six.
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