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PRESIDENTIAL DECREE NO. 393
PRESIDENTIAL DECREE NO. 393 -
APPROPRIATING THE SUM OF ONE HUNDRED EIGHTY-FIVE MILLION PESOS FROM THE
FUNDS FOR REHABILITATION, IMPROVEMENT AND BETTERMENT OF THE HIGHWAY
SPECIAL FUND FOR THE AMORTIZATION OF HEAVY CONSTRUCTION EQUIPMENT
PREVIOUSLY PROCURED UNDER THE DEFERRED PAYMENT PLAN
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WHEREAS,
the Bureau of Public Highways, had purchased under the "deferred
payment plan", guaranteed by the Philippine National Bank, several
types of heavy construction equipment for the infrastructure program of
the government; chanroblesvirtualawlibrary
WHEREAS, the amortization of these equipment in accordance with the
amortization schedule was expected to be financed from the proceeds of
rentals collected for their use and other appropriations that may later
be made available;chanroblesvirtualawlibrary
WHEREAS, the proceeds from equipment rentals are also being partly used
for the maintenance and repair of these equipment, and the balance
thereof is not sufficient to cover the periodic amortizations in
accordance with the schedule of payment; chanroblesvirtualawlibrary
WHEREAS, because of the insufficiency of rentals derived from the use
of these equipment and the lack of appropriation to amortize their cost
in accordance with the amortization plan, the interest on the unpaid
obligation that has accrued and compounded has increased;chanroblesvirtualawlibrary
WHEREAS, in order to be able to liquidate this obligation to minimize
the interest thereon and in order that the proceeds from rentals of
equipment could be used solely for the maintenance and repair of these
equipment, it is necessary to provide adequate funds therefor.
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines,
by virtue of the powers in me vested by the Constitution as
Commander-in-Chief of 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, as amended, do hereby promulgate and
decree:cralaw:red
Section 1. The provisions of any existing law,
decree, letter of instructions, rule or regulation to the contrary
notwithstanding, the sum of one hundred eighty-five million pesos
(P185,000,000.00) is hereby appropriated out of the funds for
Rehabilitation, Improvement and Betterment of the Highway Special Fund
to be used exclusively for the liquidation of the obligation of the
Bureau of Public Highways to the Philippine National Bank in connection
with the purchase of heavy construction equipment under the deferred
payment plan.
Section 2. The sum herein appropriated shall be
provided from the Highway Special Fund and released to the Bureau of
Public Highways annually for a period of three (3) years. chanroblesvirtualawlibrary
Section 3. This Decree shall take effect immediately.
Done in the City of Manila,
this 25th day of February, in the year of Our Lord, nineteen hundred
and seventy-four.
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