ChanRobles Virtual law Library
PHILIPPINE LAWS, STATUTES & CODES
A collection of Philippine laws, statutes and codes not included or cited in the main indices of the Chan Robles Virtual Law Library.
Republic Acts :
REPUBLIC ACTS
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REPUBLIC ACT NO. 2008 - AN ACT
AMENDING SECTION ONE OF REPUBLIC ACT NUMBERED ONE THOUSAND, SO AS TO
INCREASE THE AMOUNT AVAILABLE FROM ANY BOND ISSUE FOR
NON-SELF-LIQUIDATING AND NON-REVENUE-PRODUCING PROJECTS, FROM TWENTY
PER CENT TO THIRTY PER CENT OF SUCH BOND ISSUE |
Section 1. Section one of Republic Act Numbered One thousand
is amended to read as follows: "Section 1.
Upon the recommendation of the Secretary of Finance, after consultation
with the Monetary Board, the National Economic Council, and the Council
of State, the President of the Philippines is authorized to issue,
preferably in the Philippines, or abroad if necessary, in the name and
behalf of the Republic of the Philippines, bonds in an amount not
exceeding one billion pesos to finance public works and
self-liquidating projects for economic development, which may be
authorized by law, including expropriation of lands for subdivision and
resale to individuals, or to repay or service bonded obligations of the
Government incurred for such projects: Provided, however, That no
single issue shall exceed two hundred million pesos and that no further
issue shall be made if eighty per centum of the immediately preceding
issue has not been sold: And provided, further, That not more than
thirty per centum of any issue is spent for non-self-liquidating and
non-revenue-producing projects. Investments in the self-liquidating
projects in provinces, cities, and municipalities shall be limited by
the paying capacity of the province, city or municipality to be
certified by the Secretary of Finance: Provided, That the probable
income from such projects shall be taken into consideration: Provided,
finally, That not more than ten per centum of this bond issue shall be
used to pay unserviced government obligations, loans and advances,
secured or unsecured, guaranteed by the National Government, made by
government-owned or controlled financial institutions other than the
Central Bank, to government political subdivisions, offices and
instrumentalities, and/or other loans committed, by government-owned
and/or controlled financial institutions, other than the Central Bank,
guaranteed by the Government. "The bonds shall be issued in
such amount as will be needed at any one time taking into account the
rate at which said bonds may be absorbed by the buying public and the
fund requirements of projects ready for execution, and taking into
consideration further a proper balance between productive and
non-productive projects so that inflation shall be held to the minimum.cralaw "The bonds issued under the
authority of this section may be made payable both as to principal and
interest, in Philippine currency or any readily convertible foreign
currency.cralaw Sec. 2. This Act shall take effect upon its approval.cralaw Approved: June 22, 1957. |