A collection of Philippine laws, statutes and codes not included or cited in the main indices of the Chan Robles Virtual Law Library.
Presidential Decrees :
the general rescheduling, restructuring or refinancing of the external
debt of the Philippines may call for the exclusion from the present
ceiling on foreign borrowings of specific categories of external debt;
WHEREAS, such rescheduling, restructuring or refinancing program would likewise require guaranty by the Government for the external indebtedness of corporations, including financial institutions, owned or controlled by the Government of the Republic of the Philippines;
WHEREAS, as a complementary measure, there would be a need to adjust correspondingly the ceiling on the total amount of external debt which may be incurred or guaranteed by the Government.
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines, by virtue of the powers vested in me by the Constitution do hereby direct and order the amendment of Republic Act No. 4860, as amended, as follows:
"The Central Bank of the Philippines shall promulgate and enforce such measures as shall be necessary to reduce the external debt service requirements to an annual level not exceeding twenty per centum of the foreign exchange receipts of the immediately preceding year, provided that, whenever necessary in connection with a general rescheduling, restructuring or refinancing of the external debt of the Philippines by foreign creditors, the President of the Philippines, upon recommendation of the Monetary Board of the Central Bank of the Philippines, may exclude specific categories of external debt from such ceiling."
"The total amount loans, creditors or indebtedness incurred, and the proceeds of bonds, securities or other evidences floated or issued, which may be guaranteed by the President under this Section shall not be more than seven and a half billion United States Dollars or its equivalent in other foreign currencies at the exchange rate prevailing at the time the guarantee is made excluding interest and other normal banking charges imposed or charged by the International Bank for Reconstruction and Development, the Asian Development Bank and other similar international financial institutions."
"Notwithstanding the provisions of the preceding paragraphs, whenever necessary in connection with a general rescheduling, restructuring or refinancing by foreign creditors or in connection with credits obtained to finance short-term trade, the President of the Philippines may, upon the recommendation of the Minister of Finance, the Monetary Board of the Central Bank of the Philippines, and the National Economic Development Authority, guarantee in behalf of the Republic of the Philippines foreign loans or credits to or external indebtedness of corporations, including financial institutions, owned or controlled by the Government of the Republic of the Philippines."
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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