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PRESIDENTIAL DECREE NO. 693
PRESIDENTIAL DECREE NO. 693 -
AUTHORIZING THE CONSTRUCTION OF THE MAGAT RIVER MULTI-PURPOSE PROJECT
IN ISABELA, PROVIDING FOR THE FINANCING THEREOF, AND FOR OTHER PURPOSES
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WHEREAS, it
is necessary to further accelerate the development and utilization of
the country's water and land resources as a means of bolstering the
government's food production and industrialization program thereby
enhancing the economic development of the nation;chanroblesvirtualawlibrary
WHEREAS, the potentials of the Magat River in the Province of Isabela
have been studied and found to be economically and technically viable,
its development being envisioned as a multi-purpose project designed to
provide irrigation, generate electric power and energy, provide
recreational and fish conservation facilities and for other related
uses;chanroblesvirtualawlibrary
WHEREAS, successful development of the Magat River requires government
support specifically in the form of financing through local and/or
foreign sources;chanroblesvirtualawlibrary
WHEREAS, the National Irrigation Administration has been designated by
the Government as the implementing agency for the Magat River
Multi-Purpose Project under Executive Order No. 440, Series of 1974;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 as follows:cralaw:red
Section 1. The construction of the Magat River
Multi-Purpose Project (hereinafter referred to as the "Project") is
hereby authorized for the purpose of furnishing water for irrigation,
generating electric power and energy, providing recreational and fish
conservation facilities and for other related uses. chanroblesvirtualawlibrary
Section 2. There is hereby appropriated, out of any
funds in the National Treasury not otherwise appropriated, the sum of
Two Billion Four Hundred Million Pesos or so much thereof as may be
necessary to finance the local currency costs of the Project, such
amount to be released by the Budget Commission in accordance with the
schedule of cash requirements as shall be prepared an submitted by the
National Irrigation Administration: Provided, That releases from the
general fund in a given fiscal year may be reduced to the extent that
funds shall have been actually made available in such year for the
Project from the proceeds of bonds issued in accordance with the
provisions of Republic Act Numbered Forty-Eight Hundred and Sixty-One,
which proceeds from bond issues are hereby appropriated for the
Project, any provision of law to the contrary notwithstanding.
Section 3. The President of the Philippines is hereby
authorized to contract such loans, credits and indebtedness in
accordance with the provisions of Republic Act Numbered Forty-Eight
Hundred and Sixty, as amended, in such amounts as may be necessary to
enable the Republic of the Philippines to finance the foreign exchange
requirements of the Project: Provided, That the total of such amounts
shall not exceed three hundred million United States dollars, or the
equivalent thereof, in other foreign currencies.
Section 4. The National Irrigation Administration or
any other government agency as may be authorized shall have the power
to collect from the users of the Project such fees, or charges as may
be necessary to, among other things, finance the continuous operation
and maintenance of the Project, and recover, within a reasonable
period, the financing and construction cost thereof in accordance with
Section six of Republic Act numbered forty-eight hundred sixty, as
amended: Provided, That in the case of charges or fees for irrigation,
such charges or fees shall be of such level as to cover operation and
maintenance costs and, to the extent that the incentives to use the
irrigation facilities shall not be impaired, to recover capital
invested for the irrigation phase within a period of not less than
twenty-five years. chanroblesvirtualawlibrary
Section 5. All positions created in connection with
this Project shall be co-terminus with the Project, and that all
appointments made therein shall be in accordance with Presidential
Decree Numbered Five Hundred Fifty-Two.
Section 6. The National Irrigation Administration
shall coordinate with such agency of the government that might be
involved in the implementation and operation of the Project other than
its irrigation phase and, with the approval of the President of the
Philippines, promulgate such rules and regulations as may be necessary
for the implementation of the provisions of this Act, and such agencies
shall cooperate with the National Irrigation Administration in this
matter.
Section 7. This Act shall take effect upon its
approval.
Done in the City of Manila,
this 7th day of May, in the year of Our Lord, nineteen hundred and
seventy-five.
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