Amendment to P.D. No. 550

January 11, 1985 PRESIDENTIAL DECREE NO. 1962 FURTHER AMENDING SECTION SEVEN OF PRESIDENTIAL DECREE NO.550, AS AMENDED BY PRESIDENTIAL DECREE NO.1080, INCREASING THE AUTHORIZEDCAPITAL STOCK OF THE PHILIPPINEEXPORT AND FOREIGN LOANGUARANTEE CORPORATION, AND APPROPRIATINGFUNDS THEREFOR WHEREAS, the current economic crisis amounts to a grave emergency which affects the stability of the nation and requires immediate action; WHEREAS, the Philippine Export and Foreign Loan Guarantee Corporation plays a vital role in the promotion of the Philippine exports by providing a guarantee coverage for foreign obligations incurred by Philippine exporters; cdt WHEREAS, the issuance of this decree is an essential and necessary component of the National Economic Recovery Program formulated to meet and overcome the emergency; cd NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines, by virtue of the powers vested in me by the Constitution, do hereby order and decree: SECTION 1. Section 7 of Presidential Decree No. 550, as amended by Presidential Decree No. 1080, is hereby further amended to read as follows: "Sec. 7. Capital Stock . The authorized capital stock of the Corporation shall be TEN BILLION PESOS (P10,000,000,000) to be fully subscribed by the Government of the Republic of the Philippines. For this purpose, such sum as may be necessary is hereby appropriated from any sums not otherwise appropriated in the National Treasury. The Board may increase the authorized capital stock of the Corporation subject to the approval of the President of the Philippines." cdt SECTION 2. This Decree shall take effect immediately. DONE in the City of Manila, this 11th day of January, in the year of Our Lord, Nineteen Hundred and Eighty-Five. Published in the Official Gazette, Vol. 81 No. 4 Page 221 on January 28, 1985.