Amending R.A. No. 1300 (Revised Charter of the Philippine National Bank)

September 26, 1972

PRESIDENTIAL DECREE NO. 5

AMENDING REPUBLIC ACT NUMBERED 1300, ENTITLED AN ACT REVISING THE CHARTER OF THE PHILIPPINE NATIONAL BANK

WHEREAS, there were pending before 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;

WHEREAS, one of these priority measures is the bill seeking to amend the Charter of the Philippine National Bank by increasing its authorized capital stock and by providing limits to government borrowings and adequate guidelines for its efficient operation; aisa dc

WHEREAS, this measure is necessary to effect reforms in the bank's operations and to revitalize its structure as an important instrument to promote the national development program of the Government;

NOW, THEREFORE, I, FERDINAND E. MARCOS, Commander-in-Chief of all the Armed Forces of the Philippines, pursuant to Proclamation No. 1081, dated September 21, 1972, and General Order No. 1, dated September 22, 1972, as amended, and in order to effect desired changes and reforms in the social, economic and political structures of our society, do hereby decree that House Bill No. 2493, entitled "Amending Republic Act Numbered 1300, entitled An Act Revising the Charter of the Philippine National Bank" and its entire text shall be adopted and approved, as they are hereby adopted and approved, and made part of the law of the land.

This Decree shall take effect immediately; provided that amendments, changes and modifications may be made by me and the same shall take effect after my announcement thereof or by my duly designated representative.

DONE in the City of Manila, this 26th day of September, in the year of Our Lord, Nineteen Hundred and Seventy-Two.