A
collection of Philippine laws, statutes and codes
not
included or cited in the main
indices
of
the
Chan Robles Virtual Law Library
PRESIDENTIAL DECREE NO. 1980
PRESIDENTIAL DECREE NO. 1980 -
FURTHER AMENDING Section THREE OF REPUBLIC ACT NO. 85, AS AMENDED,
OTHERWISE KNOWN AS THE DBP CHARTER
|
chanroblesvirtualawlibrary
WHEREAS,
the Development Bank of the Philippines is the government agency
entrusted with the task of providing credit facilities for the
rehabilitation, development and expansion of the country's agriculture
and industry and the broadening and diversification of the national
economy; chanroblesvirtualawlibrary
WHEREAS, the Charter of the Development Bank of the Philippines was
amended by Presidential Decree No. 1964 to increase the authorized
capital stock of the DBP to fifty billion pesos and appropriate the
necessary funds therefor;chanroblesvirtualawlibrary
WHEREAS, the current economic crisis amounts to a grave emergency which
affects the stability of the nation and requires immediate action;chanroblesvirtualawlibrary
WHEREAS, the issuance of this Decree is an essential and necessary
component of the National Economic Recovery Program formulated to meet
and overcome the emergency. chanroblesvirtualawlibrary
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Republic of
the Philippines, by virtue of the powers vested in me by the
Constitution, do hereby order and decree the following:cralaw:red
Section 1. Section three (e) of Republic Act No. 115,
as amended, is hereby further amended to read as follows:cralaw:red
"(e) The amount of taxes due to the National
Government on income beginning with the calendar year 1978 as well as
taxes due on all other transactions of the Bank beginning with the
calendar year 1985 is hereby appropriated under this Decree to be
automatically applied to the payment of the subscribed capital stock of
the government in the Bank."
Section 2. All laws, decrees, proclamations,
executive orders and ordinances inconsistent with this Decree are
hereby modified, amended or repealed accordingly.
Section 3. This Decree shall take effect immediately.
Done in the City of Manila,
this 13th day of July, in the year of Our Lord, nineteen hundred and
eighty-five.
|
Back
to Home
- Back
to Main
chanroblesvirtuallawlibrary
Since 19.07.98
|