Amendment to R.A. No. 16 Re: Authority of President to Negotiate Loans
Republic Act No. 213, approved on June 1, 1948, amends Section One of Republic Act No. 16, granting the President of the Philippines the authority to negotiate loans or incur indebtedness up to 200 million pesos. These funds may be sourced from the U.S. government, its agencies, the International Bank for Reconstruction and Development, and other financial institutions, aimed at covering government expenditures for rehabilitation and industrial development. The Act includes provisions for purchasing necessary equipment or properties from the United States under mutually agreed terms. It took effect immediately upon approval and was published in the Official Gazette.
Law Information
- Reference Number
- Republic Act No. 213
- Date Enacted
- Category
- Statutes
- Subcategory
- Republic Acts
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
June 1, 1948
REPUBLIC ACT NO. 213
AN ACT TO AMEND SECTION ONE OF REPUBLIC ACT NUMBERED SIXTEEN ENTITLED "AN ACT AUTHORIZING THE PRESIDENT OF THE PHILIPPINES TO OBTAIN SUCH LOANS OR INCUR SUCH INDEBTEDNESS WITH THE GOVERNMENT OF THE UNITED STATES, ITS AGENCIES AND INSTRUMENTALITIES AS MAY BE NECESSARY TO COVER BUDGETARY DEFICITS AND OTHER EXPENDITURES OF THE GOVERNMENT OF THE REPUBLIC OF THE PHILIPPINES FOR REHABILITATION AND OTHER PURPOSES, AND APPROPRIATING THE NECESSARY FUNDS THEREFOR"
Section one of Republic Act Numbered Sixteen is hereby amended to read as follows: acd
"SEC. 1. The President of the Philippines is hereby authorized to negotiate such loans or to incur such indebtedness not to exceed two hundred million pesos with the Government of the United States, its agencies and instrumentalities, the International Bank for Reconstruction and Development, the Export-Import Bank of the United States, or any other bank or financial institution, as may be necessary to cover expenditures of the Government of the Republic of the Philippines for rehabilitation and/or industrial development purposes including the purchase of necessary equipment or other kinds of properties from the United States under such terms and conditions as may be agreed upon."
SECTION 2. This Act shall take effect upon its approval.
Approved: June 1, 1948
Published in the Official Gazette, Vol. 44, No. 7, p. 2181 in July 1948
Cite This Law
Amendment to R.A. No. 16 Re: Authority of President to Negotiate Loans, Republic Act No. 213, Jun 1, 1948 (Philippines)
Amendment to R.A. No. 16 Re: Authority of President to Negotiate Loans, Republic Act No. 213 (Phil. 1948)
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- Authority of President to Contract Loans from Export and Import Bank of Tokyo, JapanRepublic Act No. 2612 • Jul 20, 1959 • Statutes
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