Authority of President to Guarantee Loans Granted by Export-Import Bank of Washington, D.C.
Republic Act No. 3519, enacted on June 19, 1963, authorizes the President of the Philippines to guarantee loans from the Export-Import Bank of Washington, D.C., or other international banks for the establishment of an integrated steel plant in Iligan City. The total amount of such guarantees is capped at 275 million pesos. The President may also appoint a designated representative to exercise the powers granted by this Act. The law took effect upon its approval and was published in the Official Gazette.
Law Information
- Reference Number
- Republic Act No. 3519
- Date Enacted
- Category
- Statutes
- Subcategory
- Republic Acts
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
June 19, 1963
REPUBLIC ACT NO. 3519
AN ACT AUTHORIZING THE PRESIDENT, FOR AND IN BEHALF OF THE GOVERNMENT OF THE REPUBLIC OF THE PHILIPPINES, TO GUARANTEE SUCH LOANS AS MAY BE GRANTED BY THE EXPORT-IMPORT BANK OF WASHINGTON, D.C., OR ANY OTHER INTERNATIONAL BANK FOR THE ESTABLISHMENT OF AN INTEGRATED STEEL PLANT AT ILIGAN CITY AND FOR OTHER PURPOSES
SECTION 1. Any provision of law to the contrary notwithstanding, the President of the Philippines is hereby authorized to guarantee absolutely or unconditionally, in the name and on behalf of the Government of the Republic of the Philippines, the payment of the loan or loans that may be granted by the Export-Import Bank of Washington, D.C., or any other international bank, for the establishment, management and operation of an integrated steel mill at Iligan City, Philippines: Provided, however, That the amount of the guaranty undertaken shall not exceed the sum of two hundred seventy-five million pesos, Philippine currency. cd
SECTION 2. The President of the Philippines is also hereby authorized to designate by appointment in writing such other person as he shall select to exercise any or all the powers conferred upon the President of the Philippines by this Act.
SECTION 3. This Act shall take effect upon its approval.
Approved: June 19, 1963
Published in the Official Gazette, Vol. 59, No. 32, p. 5001 on August 12, 1963
Cite This Law
Authority of President to Guarantee Loans Granted by Export-Import Bank of Washington, D.C., Republic Act No. 3519, Jun 19, 1963 (Philippines)
Authority of President to Guarantee Loans Granted by Export-Import Bank of Washington, D.C., Republic Act No. 3519 (Phil. 1963)
Related Laws
- Amendments to R.A. No. 357 Re: Authority of NAPOCOR to Contract LoansRepublic Act No. 813 • Jul 10, 1952 • Statutes
- Authority of President to Contract Loans from Export and Import Bank of Tokyo, JapanRepublic Act No. 2612 • Jul 20, 1959 • Statutes
- Increase in Loanable Amount of NAPOCOR from International BankRepublic Act No. 2055 • Jun 13, 1958 • Statutes
- Philippine Export Credit Insurance and Guarantee Corporation ActRepublic Act No. 6424 • Mar 30, 1972 • Statutes
- Authority of Government through People's Homesite and Housing Corp. to Guarantee Certain Losses on LoansRepublic Act No. 222 • Jun 15, 1948 • Statutes
- Authority of NAPOCOR to Contract Loans from International Bank for Reconstruction and DevelopmentRepublic Act No. 357 • Jun 4, 1949 • Statutes
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