Authority of President to Negotiate for R.P. Subscription to International Development Association
Republic Act No. 2687, enacted on June 18, 1960, authorizes the President of the Philippines to negotiate the country's subscription to the International Development Association, with a capital commitment of $5,040,000. The Secretary of Finance is empowered to secure initial funding through advances from the Central Bank of the Philippines, issuing non-interest bearing, non-negotiable promissory notes. For any remaining balance, the Secretary may issue special notes payable on demand to the Association, with similar funding arrangements from the Central Bank. Congress is tasked with providing appropriations to reimburse the Central Bank for any advances made. The Act took effect upon its approval.
Quick Answers
- What is Authority of President to Negotiate for R.P. Subscription to International Development Association about?
- Republic Act No. 2687, enacted on June 18, 1960, authorizes the President of the Philippines to negotiate the country's subscription to the International Development Association, with a capital commitment of $5,040,000. The Secretary of Finance is empowered to secure initial funding through advances from the Central Bank of the Philippines, issuing non-interest bearing, non-negotiable promissory notes. For any remaining balance, the Secretary may issue special notes payable on demand to the Association, with similar funding arrangements from the Central Bank. Congress is tasked with providing appropriations to reimburse the Central Bank for any advances made. The Act took effect upon its approval.
- What type of law is Republic Act No. 2687?
- Authority of President to Negotiate for R.P. Subscription to International Development Association (Republic Act No. 2687) is a Philippine Statutes enacted by the Congress of the Philippines.
- When was Authority of President to Negotiate for R.P. Subscription to International Development Association enacted?
- Authority of President to Negotiate for R.P. Subscription to International Development Association (Republic Act No. 2687) was enacted on Jun 18, 1960.
- What is the citation for Authority of President to Negotiate for R.P. Subscription to International Development Association?
- Authority of President to Negotiate for R.P. Subscription to International Development Association, Republic Act No. 2687, Jun 18, 1960 (Philippines)
Law Information
- Reference Number
- Republic Act No. 2687
- Date Enacted
- Category
- Statutes
- Subcategory
- Republic Acts
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
June 18, 1960
REPUBLIC ACT NO. 2687
AN ACT AUTHORIZING THE PRESIDENT OF THE PHILIPPINES TO NEGOTIATE FOR THE SUBSCRIPTION OF THE REPUBLIC OF THE PHILIPPINES TO THE INTERNATIONAL DEVELOPMENT ASSOCIATION, AND PROVIDING FOR THE PROCEDURE TO MEET THE FINANCIAL REQUIREMENTS THEREFOR
SECTION 1. The President of the Philippines is hereby authorized to negotiate for the subscription of the Republic of the Philippines to the capital stock of the International Development Association in the amount of five million and forty thousand United States dollars.
SECTION 2. (a) To cover the initial payments on the subscription to the capital stock of the Association as required under the Articles of Agreement of the International Development Association, the Secretary of Finance is authorized to secure for and in behalf of the Republic of the Philippines, advances from the Central Bank of the Philippines, the necessary funds against which he shall issue five-year non-interest bearing and non-negotiable promissory notes of the Republic of the Philippines: Provided, however, That said promissory notes may be renewed for another period of five years.
(b) For the balance of the subscription payable to the Association, the Secretary of Finance is likewise authorized to issue special notes of the Republic of the Philippines at par which shall be non-interest bearing, and non-negotiable and shall be payable on demand by the Association. In the event such demand is made by the Association, the Central Bank of the Philippines shall advance the necessary amount, under the same arrangements provided for in paragraph (a) of this section. cdt
SECTION 3. Congress shall provide the necessary appropriations from time to time to reimburse the Central Bank of the Philippines for all advances that may have been made by it pursuant to Section two of this Act.
SECTION 4. 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
Authority of President to Negotiate for R.P. Subscription to International Development Association, Republic Act No. 2687, Jun 18, 1960 (Philippines)
Authority of President to Negotiate for R.P. Subscription to International Development Association, Republic Act No. 2687 (Phil. 1960)
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