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. 653
|
PRESIDENTIAL DECREE NO. 653 -
AMENDING Section 13 OF REPUBLIC ACT NUMBERED THIRTY-FIVE HUNDRED AND
NINETY-ONE, AS AMENDED, ENTITLED "AN ACT ESTABLISHING THE PHILIPPINE
DEPOSIT INSURANCE CORPORATION, DEFINING ITS POWERS AND DUTIES AND FOR
OTHER PURPOSES"
|
chanroblesvirtualawlibrary
WHEREAS,
the Philippine Deposit Insurance Corporation, as insurer of bank
deposits, is entrusted with the vital role of protecting depositors
from loss resulting from bank closures and in helping develop a sound
and stable banking system;chanroblesvirtualawlibrary
WHEREAS, the Corporation is empowered under its Charter to borrow from
the Central Bank for insurance purposes such amounts not exceeding the
aggregate amount of P100 million at any one time;chanroblesvirtualawlibrary
WHEREAS, the Corporation has been resorting to its authority to borrow
from the Central Bank in the payment of insured deposits;chanroblesvirtualawlibrary
WHEREAS, considering that deposits covered by the Corporation have
considerably increased in recent years there is a need to remove the
ceiling on the Corporation's borrowings from the Central Bank;chanroblesvirtualawlibrary
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines,
by virtue of the powers vested in me by the Constitution, do hereby
decree and order the following as part of the law of the land:cralaw:red
Section 1. Section 13 of Republic Act No. 3591 is
hereby amended to read as follows:cralaw:red
"Sec. 13. The Corporation is authorized to borrow
from the Central Bank of the Philippines and the Central Bank is
authorized and directed to loan the Corporation on such terms as may be
fixed by the Corporation and the Central Bank, such funds as in the
judgment of the Board of Directors of the Corporation are from time to
time required for insurance purposes including those provided for in
Section 12 (c) of this Act: Provided, That the rate of interest to be
charged in connection with any loan made pursuant to this Section shall
not be less than the current average rate on outstanding marketable and
non-marketable obligations of the Republic of the Philippines as of the
last day of the month preceding the making of such loan. Any such loan
shall be used by the Corporation solely in carrying out its function
with respect to such insurance." chanroblesvirtualawlibrary
Section 2. This Decree shall take effect immediately.
Done in the City of Manila,
this 1st day of February, in the year of Our Lord, nineteen hundred and
seventy-five.
|
Back
to Home
- Back
to Main
chanroblesvirtuallawlibrary
Since 19.07.98
|
