Amending P.D. No. 175
Presidential Decree No. 1283, issued on January 16, 1978, amends Presidential Decree No. 175 to enhance the income and purchasing power of low-income sectors through cooperative investments in rural banks. It establishes that the banking operations of cooperative banks are to be supervised exclusively by the Monetary Board of the Central Bank of the Philippines. This decree aims to strengthen the regulatory framework surrounding cooperative banking. The decree took effect immediately upon issuance.
Law Information
- Reference Number
- Presidential Decree No. 1283
- Date Enacted
- Category
- Presidential Issuances
- Subcategory
- Presidential Decrees
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
January 16, 1978
PRESIDENTIAL DECREE NO. 1283
AMENDING PRESIDENTIAL DECREE NO. 175
WHEREAS, the goal of increasing the income and purchasing power of the low-income sector of the population can be achieved with cooperatives investing in rural banks;
WHEREAS, banking operations of cooperatives should be under the supervision of the Central Bank;
NOW, THEREFORE, I, FERDINAND E. MARCOS, Presidential of the Philippines, by virtue of the powers in me vested by the Constitution, do hereby decree and order the following:
SECTION 1. Section 8 of Presidential Decree No. 175 is hereby amended by adding the following paragraph after sub-paragraph (j):
"Any provisions of law to the contrary notwithstanding the Monetary Board of the Central Bank shall have exclusive responsibility and authority over the banking functions and operations of cooperative banks."
SECTION 2. This Decree shall take effect immediately.
DONE in the City of Manila, this 16th day of January, in the year of Our Lord, Nineteen Hundred and Seventy-Eight.
Cite This Law
Amending P.D. No. 175, Presidential Decree No. 1283, Jan 16, 1978 (Philippines)
Amending P.D. No. 175, Presidential Decree No. 1283 (Phil. 1978)
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- Amending P.D. No. 175 Re: Strengthening the Cooperative MovementPresidential Decree No. 501 • Jun 28, 1974 • Presidential Issuances
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