Additional Subscription of the Philippines to the Capital Stock of International Development Association

November 7, 1972

PRESIDENTIAL DECREE NO. 41

ADDITIONAL SUBSCRIPTION OF THE PHILIPPINES TO THE CAPITAL STOCK OF THE INTERNATIONAL DEVELOPMENT ASSOCIATION

WHEREAS, there were pending before the Congress prior to the promulgation of Proclamation No. 1081, dated September 21, 1972, certain priority measures vital to the national development program of the Government, and which were duly certified by the President as urgent measures; casia

WHEREAS, one of these priority measures is a bill authorizing additional subscription to the capital stock of the International Development Association in accordance with the resolution adopted by member nations to augment the resources of the Association;

WHEREAS, the Philippines has been recently a recipient of a credit from the International Development Association in the aggregate amount of $10 million and other projects are still being considered for financing by the International Development Association which has partially satisfied the great need for funds of the Philippine Government for its economic development projects;

WHEREAS, it is imperative that the necessary authority for the Philippines to put up the required additional subscription to the capital stock of the International Development Association in the amount of $196,240.00 be granted; acd

NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines, by virtue of the powers in me vested by the Constitution as Commander-in-Chief of the Armed Forces of the Philippines, and pursuant to Proclamation No. 1081, dated September 21, 1972, do hereby decree and order that the House Bill amending Section One of Republic Act No. 2687, as hereto attached is hereby adopted, and approved and made as part of the law of the land.

This Decree shall take effect immediately. acd

DONE in the City of Manila, this 7th day of November, in the year of Our Lord, Nineteen Hundred and Seventy-Two.

HOUSE OF REPRESENTATIVES

AN ACT AMENDING SECTION ONE OF REPUBLIC ACT NUMBERED TWENTY-SIX HUNDRED EIGHTY-SEVEN ENTITLED "AN ACT AUTHORIZING THE PRESIDENT OF THE PHILIPPINES TO NEGOTIATE FOR THE SUBSCRIPTION OF THE REPUBLIC OF THE PHILIPPINES TO THE INTERNATIONAL DEVELOPMENT ASSOCIATION, AND PROVIDING FOR THE PROCEDURE TO MEET THE FINANCIAL REQUIREMENTS THEREFOR"

SECTION 1. Section one of Republic Act Numbered Twenty-Six Hundred Eighty-Seven is amended to read as follows:

"SEC. 1. The President of the Philippines is hereby authorized to negotiate for the subscription of the Republic of the Philippines to the capital stock of the International Development Association in the amount of five million [and forty thousand] TWO HUNDRED THIRTY-SIX THOUSAND AND TWO HUNDRED FORTY United States dollars."

SECTION 2. This Act shall take effect upon its approval.