WHEREAS, the Asian Development Bank (ADB)
has approved the increase in the Bank's authorized capital from $1.1
billion to $2.75 billion to enable it to maintain the pace of its
assistance to developing member countries;chanroblesvirtualawlibrary
WHEREAS, the corresponding increase in the Philippines subscription to
the Bank is $43 million in callable capital end P10.5 million in
paid-in-capital;chanroblesvirtualawlibrary
WHEREAS, the Philippines has been the recipient of various loans from
the ADB aggregating $62 million which have partially satisfied the
grant need of the Philippine Government for funds for the economic
development projects; and chanroblesvirtualawlibrary
WHEREAS, it is imperative that the necessary authority, pending in
Congress as H. No. 5246, for the Republic of the Philippines to
increase its subscription to the ADB be granted, as the installments on
the paid-in shares commence on April 3, 1973;chanroblesvirtualawlibrary
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines,
by virtue of the powers vested in me by the Constitution as
Commander-in-Chief of all the Armed Forces of the Philippines and
pursuant to Proclamation No. 1081 dated September 21, 1972, and General
Order No. 1 dated September 22, 1972, do hereby decree, order and make
as part of the law of the land H. no. 5246, entitled: "AN ACT
AUTHORIZING FOR THE PRESIDENT OF THE PHILIPPINES TO NEGOTIATE FOR THE
INCREASE IN THE SUBSCRIPTION OF THE PHILIPPINES TO THE CAPITAL STOCK OF
THE ASIAN DEVELOPMENT BANK, AND PROVIDING FOR THE PROCEDURE, TO MEET
THE FINANCIAL REQUIREMENTS THEREFOR." chanroblesvirtualawlibrary
This Decree shall take effect immediately.
Done in the City of Manila,
this 27th day of October, in the year of Our Lord, nineteen hundred and
seventy-two.
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