Amending Section 1 of R.A. No. 2052
Republic Act No. 2686, approved on June 18, 1960, amends an earlier act to authorize the President of the Philippines to negotiate an increase in the country's financial commitments to international financial institutions. Specifically, it raises the Philippines' subscription to the International Bank for Reconstruction and Development from $50 million to $100 million and its quota in the International Monetary Fund from $50 million to $75 million. The act takes effect upon approval and was published in the Official Gazette on December 5, 1960.
Law Information
- Reference Number
- Republic Act No. 2686
- Date Enacted
- Category
- Statutes
- Subcategory
- Republic Acts
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
June 18, 1960
REPUBLIC ACT NO. 2686
AN ACT TO AMEND SECTION ONE OF REPUBLIC ACT NUMBERED TWENTY HUNDRED FIFTY-TWO
SECTION 1. Section one of Republic Act Numbered Twenty hundred fifty-two, providing for the increase in the subscription of the Republic of the Philippines in the International Monetary Fund and the International Bank for Reconstruction and Development, is amended to read as follows:
"Sec. 1. The President of the Philippines is hereby authorized to negotiate for the increase of the subscription of the Republic of the Philippines to the capital stock of the International Bank for Reconstruction and Development from fifty million to one hundred million United States dollars, and its quota in the International Monetary Fund from fifty million to seventy-five million United States dollars." casia
SECTION 2. This Act shall take effect upon its approval.
Approved: June 18, 1960
Published in the Official Gazette, Vol. 56, No. 49, p. 7432 on December 5, 1960
Cite This Law
Amending Section 1 of R.A. No. 2052, Republic Act No. 2686, Jun 18, 1960 (Philippines)
Amending Section 1 of R.A. No. 2052, Republic Act No. 2686 (Phil. 1960)
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