Amending Section 7 of P.D. No. 6-A Re: Undertaking of Educational Development Projects
Presidential Decree No. 162, issued by Ferdinand E. Marcos on March 29, 1973, amends Section 7 of Presidential Decree No. 6-A, which governs educational development projects in the Philippines. The amendment grants the President the authority to contract loans, credits, or indebtedness from foreign sources up to a total of $100 million, overriding certain existing laws. These funds are to meet both direct and indirect foreign exchange requirements related to approved projects, including studies and construction. The loans must have a repayment term of at least ten years and the decree takes effect immediately.
Quick Answers
- What is Amending Section 7 of P.D. No. 6-A Re: Undertaking of Educational Development Projects about?
- Presidential Decree No. 162, issued by Ferdinand E. Marcos on March 29, 1973, amends Section 7 of Presidential Decree No. 6-A, which governs educational development projects in the Philippines. The amendment grants the President the authority to contract loans, credits, or indebtedness from foreign sources up to a total of $100 million, overriding certain existing laws. These funds are to meet both direct and indirect foreign exchange requirements related to approved projects, including studies and construction. The loans must have a repayment term of at least ten years and the decree takes effect immediately.
- What type of law is Presidential Decree No. 162?
- Amending Section 7 of P.D. No. 6-A Re: Undertaking of Educational Development Projects (Presidential Decree No. 162) is a Philippine Presidential Issuances enacted by the Congress of the Philippines.
- When was Amending Section 7 of P.D. No. 6-A Re: Undertaking of Educational Development Projects enacted?
- Amending Section 7 of P.D. No. 6-A Re: Undertaking of Educational Development Projects (Presidential Decree No. 162) was enacted on Mar 29, 1973.
- What is the citation for Amending Section 7 of P.D. No. 6-A Re: Undertaking of Educational Development Projects?
- Amending Section 7 of P.D. No. 6-A Re: Undertaking of Educational Development Projects, Presidential Decree No. 162, Mar 29, 1973 (Philippines)
Law Information
- Reference Number
- Presidential Decree No. 162
- Date Enacted
- Category
- Presidential Issuances
- Subcategory
- Presidential Decrees
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
March 29, 1973
PRESIDENTIAL DECREE NO. 162
AMENDING SECTION 7 OF PRESIDENTIAL DECREE NO. 6-A ENTITLED "AUTHORIZING THE UNDERTAKING OF EDUCATIONAL DEVELOPMENT PROJECTS, PROVIDING FOR THE MECHANICS OF IMPLEMENTATION AND FINANCING THEREOF, AND FOR OTHER PURPOSES"
I, FERDINAND E. MARCOS, President of the Philippines, by virtue of the powers vested in me by the Constitution as Commander-in-Chief of all the Armed Forces of the Philippines, and pursuant to Proclamation No. 1081 dated September 21, 1972 and General Order No. 1, dated September 22, 1972 do hereby order and decree, to be part of the law of the land, the following:
Section 7 of Presidential Decree No. 6-A dated September 21, 1972 is hereby amended to read as follows: aisa dc
"Sec. 7. Authority to Borrow. — The President of the Philippines, in behalf of the Republic of the Philippines, may contract loans, credits or indebtedness with any foreign source or lender under such terms and conditions as may be agreed upon, any provisions of law, including Republic Act Numbered Forty-eight hundred and sixty as amended, Act Numbered Forty-two hundred and ninety-nine, Commonwealth Act Numbered One hundred and thirty-eight, Commonwealth Act Numbered Five hundred forty-one, Republic Act Numbered Nine Hundred Twelve, Republic Act Numbered Fifty-one hundred eighty-three, and other related laws to the contrary notwithstanding, for a total amount not exceeding one hundred million United States Dollars or the equivalent thereof in other currencies, as may be necessary to meet the direct and indirect foreign exchange requirements and the peso costs of the projects authorized under this Decree, including studies, surveys, equipment, machineries, supplies, construction, installation and related services of any such projects: Provided, That the manner of application and utilization of the loan proceeds herein provided shall likewise apply to existing credit agreements: Provided, further, That the loans, credits or indebtedness are incurred on terms of payment of not less than ten (10) years. acd
SECTION 2. This Decree shall take effect immediately.
DONE in the City of Manila, this 29th day of March, in the year of Our Lord, Nineteen Hundred and Seventy-Three.
Cite This Law
Amending Section 7 of P.D. No. 6-A Re: Undertaking of Educational Development Projects, Presidential Decree No. 162, Mar 29, 1973 (Philippines)
Amending Section 7 of P.D. No. 6-A Re: Undertaking of Educational Development Projects, Presidential Decree No. 162 (Phil. 1973)
Related Laws
- Educational Development Decree of 1972Presidential Decree No. 6-A • Sep 29, 1972 • Presidential Issuances
- Amending P.D. No. 6-A As Amended (Educational Development Decree of 1972)Presidential Decree No. 1235 • Nov 11, 1977 • Presidential Issuances
- Amending Sections 10 (c) and 13 of P.D. No. 6-A (Educational Development Decree of 1972)Presidential Decree No. 365 • Jan 3, 1974 • Presidential Issuances
- Amending Section 6 of P.D. No. 1630Presidential Decree No. 1826 • Jan 16, 1981 • Presidential Issuances
- Amending Section 2 of P.D. No. 454 Re: Adjustment of Contract Prices for Government ProjectsPresidential Decree No. 906 • Mar 19, 1976 • Presidential Issuances
- Amendment to Section 7 of P.D. No. 3Presidential Decree No. 3-A • Jan 11, 1973 • Presidential Issuances
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