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PRESIDENTIAL DECREE NO. 1938
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PRESIDENTIAL DECREE NO. 1938 -
FURTHER AMENDING PRESIDENTIAL DECREE NUMBERED THIRTEEN HUNDRED NINE, AS
AMENDED BY PRESIDENTIAL DECREE NUMBERED SIXTEEN HUNDRED AND EIGHTY-FIVE
AUTHORIZING THE CENTRAL BANK OF THE PHILIPPINES TO ENGAGE IN SPECIAL
BORROWING AND LENDING OPERATIONS
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WHEREAS,
the present financial situation which requires a general rescheduling,
restructuring and refinancing of the country's foreign obligations,
would call for a guaranty by the Philippine Government of the foreign
loan obligations of the Central Bank of the Philippines;chanroblesvirtualawlibrary
WHEREAS, the Government should be clothed with an expanded authority to
guarantee foreign loans or credits of the Central Bank upon such terms
and conditions as may be agreed upon with the foreign creditors.
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines,
by virtue of the powers vested in me by the Constitution, do hereby
decree and order the amendment of Presidential Decree No. 1309, as
amended by Presidential Decree No. 1685, as follows: chanroblesvirtualawlibrary
Section 1. Section 1-A of Presidential Decree No.
1309, as amended, is hereby amended to read as follows:cralaw:red
"Sec. 1-A. Foreign loans or credits obtained by the
Central Bank under this Decree or Republic Act No. 265, as amended, may
be guaranteed by the Republic of the Philippines upon such terms and
conditions as may be agreed upon with the foreign creditors."
Section 2. Section 2-C of the same Decree is hereby
amended to read as follows:cralaw:red
"Sec. 2-C. To refinance existing foreign
obligations." —chanroblesvirtualawlibrary
Section 3. Any provision of law, decree, rules and
regulations inconsistent herewith are hereby repealed, amended or
modified accordingly.
Section 4. This Decree shall take effect immediately.
Done in the City of Manila,
this 27th day of June in the year of Our Lord, nineteen hundred and
eighty-four.
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