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PRESIDENTIAL DECREE NO. 1283
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PRESIDENTIAL DECREE NO. 1283 -
AMENDING PRESIDENTIAL DECREE NO. 175
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WHEREAS,
the goal of increasing the income and purchasing power of the
low-income sector of the population can be achieved with cooperatives
investing in rural banks;chanroblesvirtualawlibrary
WHEREAS, banking operations of cooperatives should be under the
supervision of the Central Bank.
NOW, THEREFORE, I, FERDINAND E. MARCOS, Presidential of the
Philippines, by virtue of the powers vested in me by the Constitution,
do hereby decree and order the following:cralaw:red
Section 1. Section 8 of Presidential Decree No. 175
is hereby amended by adding the following paragraph after sub-paragraph
(j):cralaw:red
Any provisions of law to the contrary notwithstanding the Monetary
Board of the Central Bank shall have exclusive responsibility and
authority over the banking functions and operations of cooperative
banks.
Section 2. This Decree shall take effect immediately.
DONE in the City of Manila,
this 16th day of January, in the year of Our Lord, nineteen hundred and
seventy-eight.
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