Acceptance by Philippine Government of 2nd Amendment to Articles of Agreement of the International Monetary Fund
Presidential Decree No. 1036, issued on October 4, 1976, formalizes the acceptance of the Second Amendment to the Articles of Agreement of the International Monetary Fund (IMF) by the Philippine government. This amendment aims to enhance the international monetary system through significant reforms, including changes to exchange arrangements and reducing the role of gold. It also expands the use of special drawing rights as a principal reserve asset and simplifies the Fund's financial operations. The decree was enacted by President Ferdinand E. Marcos and published in the Official Gazette on January 24, 1977.
Law Information
- Reference Number
- Presidential Decree No. 1036
- Date Enacted
- Category
- Presidential Issuances
- Subcategory
- Presidential Decrees
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
October 4, 1976
PRESIDENTIAL DECREE NO. 1036
PROVIDING FOR THE ACCEPTANCE BY THE GOVERNMENT OF THE REPUBLIC OF THE PHILIPPINES OF THE SECOND AMENDMENT TO THE ARTICLES OF AGREEMENT OF THE INTERNATIONAL MONETARY FUND
WHEREAS, the Board of Governors of the International Monetary Fund has approved the proposed Second Amendment to the Articles of Agreement of the International Monetary Fund which constitutes a major reforms that will strengthen the international monetary system; cdt
WHEREAS, formal acceptance of the proposed amendment by the member countries including the Philippines is required to be signified and expressed through an official act of the respective Governments.
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines, by virtue of the powers vested in me by the Constitution, do hereby accept, for and in behalf of the Government of the Republic of the Philippines, the Second Amendment to the Articles of Agreements of the International Monetary Fund attached to the March, 1976, Report of the Executive Directors to the Board of Governors of the Fund, copy attached and made an integral part hereof, which will effect significant changes on exchange arrangements, the reduction of the role of gold in the monetary system, the expansion of the possible uses of special drawing rights towards making them the principal reserve asset in the monetary system, and the simplification and expansion of the types of the Fund's financial operations and transactions.
DONE in the City of Manila, this 4th day of October, in the year of Our Lord, Nineteen Hundred and Seventy-Six.
Published in the Official Gazette, Vol. 73 No. 4, 587-1 Supp., on January 24, 1977.
Cite This Law
Acceptance by Philippine Government of 2nd Amendment to Articles of Agreement of the International Monetary Fund, Presidential Decree No. 1036, Oct 4, 1976 (Philippines)
Acceptance by Philippine Government of 2nd Amendment to Articles of Agreement of the International Monetary Fund, Presidential Decree No. 1036 (Phil. 1976)
Related Laws
- Implementation of the International Coffee AgreementLetter of Instructions No. 1095 • Dec 16, 1980 • Presidential Issuances
- Resolution Concurring in the Acceptance of the Agreement to Promote Compliance with International Conservation and Management Measures by Fishing Vessels on the High SeasSenate Resolution No. 099 • Mar 5, 2018 • Other Rules and Procedures
- Bretton Woods Agreements ActCommonwealth Act No. 699 • Oct 15, 1945 • Statutes
- Implementing Rules and Regulations of the Philippine Sports Commission ActIRR of RA 6847 • May 22, 2008 • Implementing Rules and Regulations
- Resolution Concurring in the Acceptance of the Doha Amendment to the Kyoto ProtocolSenate Resolution No. 117-16 • Feb 1, 2016 • Other Rules and Procedures
- The Rules and Regulations Implementing the Credit Surety Fund Cooperative Act of 2015IRR of RA 10744 • Jun 20, 2017 • Implementing Rules and Regulations
Browse More Presidential Issuances
Explore other laws in the Presidential Issuances category.
View All Presidential IssuancesNeed Help Understanding This Law?
Ask our AI assistant to explain provisions, implications, or related laws.
Ask AI About This Law