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PRESIDENTIAL DECREE NO. 1871
PRESIDENTIAL DECREE NO. 1871 -
AMENDING Section ONE OF PRESIDENTIAL DECREE NUMBERED THIRTY-TWO
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WHEREAS,
the Asian Development Bank (ADB) conducts a general review, and
whenever appropriate, approves the increase of the Bank's authorized
capital stock and subscriptions of member countries including the
Philippines;chanroblesvirtualawlibrary
WHEREAS, on 25 April 1983, the Board of Governors of the Bank adopted
Resolution No. 158 which provides for a third general increase in the
Bank's authorized capital stock and for subscriptions to such increase
by the Bank's members; and
WHEREAS, there is a continuing need to meet any increase in the
subscription of the Republic of the Philippines to the capital stock of
the Asian Development Bank. 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:cralaw:red
Section 1. Section 1 of Presidential Decree No. 32,
is hereby amended to read as follows:cralaw:red
"Sec. 1. The President of the Philippines is hereby
authorized to negotiate for the increase of the subscription of the
Republic of the Philippines to the capital stock of the Asian
Development Bank in such amounts as promulgated thereunder.
Section 2. This Decree shall take effect immediately.
Done in the City of Manila,
this 18th day of July, in the year of Our Lord, nineteen hundred and
eighty-three.
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