WHEREAS, it
is imperative particularly at this time to have access to funds from
abroad for developmental purposes;chanroblesvirtualawlibrary
WHEREAS, there is need to make the borrowing legislation responsive to
the lending policies of international financial institutions, as well
as bilateral sources; chanroblesvirtualawlibrary
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines,
by virtue of the powers in me vested by the Constitution, do hereby
decree and order:cralaw:red
Section 1. Section Four of Republic Act Numbered Four
Thousand Eight Hundred Sixty, as amended, is further amended to read as
follows:cralaw:red
"Sec. 4. In the contracting of any loan, credit or
indebtedness under this Act, the President of the Philippines may, when
necessary, agree to waive or modify the application of any law granting
preferences in connection with, or imposing restrictions on, the
procurement of goods or services, including among others, Act Numbered
Four Thousand Two Hundred Thirty-Nine, Commonwealth Act Numbered One
Hundred Thirty-Eight, the provisions of Commonwealth Act Numbered Five
Hundred Forty-One, insofar as such provisions do not pertain to
constructions primarily for national defense or security purposes,
Republic Act Numbered Nine Hundred Twelve, and Republic Act Numbered
Five Thousand One Hundred Eighty-Three: Provided, however, That as far
as practicable, utilization of services of qualified domestic firms, in
the prosecution of projects financed under this Act shall be
encouraged: Provided, further, That the matter of preference in favor
of articles, materials or supplies of the growth, production or
manufacture of the Philippines, including the method or procedure in
the comparison of bids for purposes therefor, shall be the subject of
agreement between the Philippine Government and the lending
institution." chanroblesvirtualawlibrary
Section 2. This Decree shall take effect immediately.
DONE in the City of Manila,
this 27th day of November, in the year of Our Lord, nineteen hundred
and seventy-four.
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