Authority of President to Contract Loans from Export and Import Bank of Tokyo, Japan
Republic Act No. 2612, enacted on July 20, 1959, authorizes the President of the Philippines to negotiate loans, not exceeding twelve million dollars, from the Export and Import Bank of Tokyo or other foreign entities for a nationwide telecommunications expansion project. The Act allows the President to guarantee these loans and enter into agreements to facilitate the project's implementation. Furthermore, it exempts the loans, related payments, and imported telecommunications equipment from taxes and duties. The Bureau of Telecommunications is designated to manage the project, ensuring local council consent for installations, with funding sourced from economic development bonds and other governmental resources.
Quick Answers
- What is Authority of President to Contract Loans from Export and Import Bank of Tokyo, Japan about?
- Republic Act No. 2612, enacted on July 20, 1959, authorizes the President of the Philippines to negotiate loans, not exceeding twelve million dollars, from the Export and Import Bank of Tokyo or other foreign entities for a nationwide telecommunications expansion project. The Act allows the President to guarantee these loans and enter into agreements to facilitate the project's implementation. Furthermore, it exempts the loans, related payments, and imported telecommunications equipment from taxes and duties. The Bureau of Telecommunications is designated to manage the project, ensuring local council consent for installations, with funding sourced from economic development bonds and other governmental resources.
- What type of law is Republic Act No. 2612?
- Authority of President to Contract Loans from Export and Import Bank of Tokyo, Japan (Republic Act No. 2612) is a Philippine Statutes enacted by the Congress of the Philippines.
- When was Authority of President to Contract Loans from Export and Import Bank of Tokyo, Japan enacted?
- Authority of President to Contract Loans from Export and Import Bank of Tokyo, Japan (Republic Act No. 2612) was enacted on Jul 20, 1959.
- What is the citation for Authority of President to Contract Loans from Export and Import Bank of Tokyo, Japan?
- Authority of President to Contract Loans from Export and Import Bank of Tokyo, Japan, Republic Act No. 2612, Jul 20, 1959 (Philippines)
Law Information
- Reference Number
- Republic Act No. 2612
- Date Enacted
- Category
- Statutes
- Subcategory
- Republic Acts
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
July 20, 1959
REPUBLIC ACT NO. 2612
AN ACT TO AUTHORIZE THE PRESIDENT OF THE PHILIPPINES TO NEGOTIATE AND CONTRACT WITH THE EXPORT AND IMPORT BANK OF TOKYO, JAPAN, OR WITH ANY OTHER FOREIGN FINANCIAL INSTITUTIONS OR FOREIGN MANUFACTURING CORPORATIONS OR THEIR DULY AUTHORIZED AGENTS, IN THE NAME AND ON BEHALF OF THE REPUBLIC OF THE PHILIPPINES, ONE OR SEVERAL LOANS, FOR THE PURPOSE OF FINANCING A NATIONWIDE TELECOMMUNICATIONS EXPANSION AND IMPROVEMENT PROJECT TO BE HANDLED BY THE BUREAU OF TELECOMMUNICATIONS AND TO GUARANTEE THE SAME FOR AND ON BEHALF OF THE REPUBLIC OF THE PHILIPPINES, AND FOR OTHER PURPOSES
SECTION 1. The President of the Philippines is hereby authorized to negotiate and contract with the Export and Import Bank of Tokyo, Japan, or with any other foreign financial institutions or foreign manufacturing corporations or their duly authorized agents, in the name and on behalf of the Republic of the Philippines, one or several loans not to exceed twelve million dollars for the purpose of financing a nationwide telecommunications expansion and improvement project of the Republic of the Philippines.
SECTION 2. The President of the Philippines is hereby further authorized to guarantee, absolutely and unconditionally, as primary obligor and not as surety merely, in the name and on behalf of the Republic of the Philippines, the payment of the loan or loans herein authorized as well as the performance of all or any of the obligations undertaken by the Republic of the Philippines in the territory of said Republic pursuant to loan agreements entered into with the Export and Import Bank of Tokyo, Japan, or with any other foreign financial institutions or foreign manufacturing corporations or their duly authorized agents, for the implementation of the nationwide telecommunications expansion and improvement project provided for in this Act.
SECTION 3. Pursuant to the authority granted under sections one and two of this Act, the President of the Philippines is empowered to enter into agreements with the Export and Import Bank of Tokyo, Japan, or with any other foreign financial institutions or foreign manufacturing corporations or their duly authorized agents, or such terms and conditions as he shall deem proper to effectuate the purposes of this Act.
SECTION 4. The total principal amount of loans contracted or guaranteed by the Republic of the Philippines pursuant to the provisions of this Act shall not exceed the sum of twelve million dollars in currency of the United States of America, or its equivalent in other countries.
SECTION 5. There is hereby created a committee with the Deputy Auditor General as chairman, and the Deputy Commissioner of the Budget, the Director of the Bureau of Telecommunications, the Secretary of General Services and the Chairman of the National Power Board, as members, which shall make a canvass of the prices of the telecommunications equipments required in this Act and to recommend for approval by the President the procurement by public bidding of only such equipments as the prices and quality thereof are most favorable to the government: Provided, That in case of public bidding, such bidding shall be done in the Philippines.
SECTION 6. Any agreement entered into pursuant to the provisions of this Act may provide that such agreement, and all payments made pursuant thereto, shall be exempt from all taxes, contributions and restrictions of the Republic of the Philippines, its provinces, cities and municipalities.
SECTION 7. Any such loan or loans, shall be exempt from taxes, duties, fees, imposts, charges, contributions and restrictions of the Republic of the Philippines, its provinces, cities and municipalities.
SECTION 8. Telecommunications equipment and accessories of the latest model and brand new procured and imported under this Act shall be exempt from all taxes, duties, fees, imposts, charges, contributions and restrictions of the Republic of the Philippines, its provinces, cities and municipalities.
SECTION 9. The Bureau of Telecommunications shall handle the execution of the nationwide telecommunications expansion and improvement project provided for in this Act and shall be responsible for its subsequent operation: Provided, That the projects in the municipalities and barrios shall be installed with the consent of the municipal council and barrio council concerned.
SECTION 10. The funds needed by the Bureau of Telecommunications as peso counterpart fund for the nationwide telecommunications expansion and improvement project provided for in this Act shall be taken from economic development bonds issued under Republic Act Numbered One thousand and from other fund sources of the Republic of the Philippines.
SECTION 11. This Act shall take effect upon its approval.
Approved: July 20, 1959
Published in the Official Gazette, Vol. 55, No. 41, p. 8613 on October 12, 1959
Cite This Law
Authority of President to Contract Loans from Export and Import Bank of Tokyo, Japan, Republic Act No. 2612, Jul 20, 1959 (Philippines)
Authority of President to Contract Loans from Export and Import Bank of Tokyo, Japan, Republic Act No. 2612 (Phil. 1959)
Related Laws
- Authority of President to Guarantee Loans Granted by Export-Import Bank of Washington, D.C.Republic Act No. 3519 • Jun 19, 1963 • Statutes
- Amendments to R.A. No. 357 Re: Authority of NAPOCOR to Contract LoansRepublic Act No. 813 • Jul 10, 1952 • Statutes
- Authority of NAPOCOR to Contract Loans from International Bank for Reconstruction and DevelopmentRepublic Act No. 357 • Jun 4, 1949 • Statutes
- Authority of President to Incur Loans from International Bank for Reconstruction and DevelopmentRepublic Act No. 4853 • Jul 18, 1966 • Statutes
- Amendment to R.A. No. 16 Re: Authority of President to Negotiate LoansRepublic Act No. 213 • Jun 1, 1948 • Statutes
- Authority of Municipalities to Contract Loans from Certain Banks for Construction of Markets and SlaughterhousesRepublic Act No. 28 • Sep 25, 1946 • Statutes
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