Authorizing the President of the Philippines to Obtain Loans or Incur Indebtedness with the Government of the United States to Cover Budgetary Deficits and Other Expenditures of the Government of the Republic of the Philippines for Rehabilitation
Republic Act No. 16, enacted on September 18, 1946, authorizes the President of the Philippines to secure loans or incur indebtedness with the United States government and its agencies to address budgetary deficits and expenditures related to national rehabilitation. This includes the potential purchase of necessary equipment or surplus property from the U.S. The Act also allows the President to guarantee loans to government-owned corporations and mandates reporting to Congress regarding the loans obtained and the detailed expenditure plans. Funds from the National Treasury are appropriated to ensure timely payment of the loan's principal and interest. The Act takes effect upon approval.
Law Information
- Reference Number
- Republic Act No. 16
- Date Enacted
- Category
- Statutes
- Subcategory
- Republic Acts
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
September 18, 1946
REPUBLIC ACT NO. 16
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 1. The President of the Philippines is hereby authorized to negotiate such loans or to 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 purposes, including the purchase of necessary equipment or of surplus and other kinds of property from the United States, under such terms and conditions as may be agreed upon.
SECTION 2. The authority herein granted to the President shall be deemed to include the authority to guarantee loans and credits extended to the corporations owned or controlled by the Government of the Republic of the Philippines.
SECTION 3. It shall be the duty of the President as soon as a loan is obtained or an indebtedness is incurred, to report to the Congress the amount of loan obtained and to submit a detailed program of expenditures for its approval.
SECTION 4. The necessary amount is hereby appropriated out of any funds in the National Treasury not otherwise appropriated to pay the principal and interest on such loan or indebtedness as and when they shall become due.
SECTION 5. This Act shall take effect upon its approval.
Approved: September 18, 1946
Published in the Official Gazette, Vol. 42, No. 10, p. 2373 in October 1946
Cite This Law
Authorizing the President of the Philippines to Obtain Loans or Incur Indebtedness with the Government of the United States to Cover Budgetary Deficits and Other Expenditures of the Government of the Republic of the Philippines for Rehabilitation, Republic Act No. 16, Sep 18, 1946 (Philippines)
Authorizing the President of the Philippines to Obtain Loans or Incur Indebtedness with the Government of the United States to Cover Budgetary Deficits and Other Expenditures of the Government of the Republic of the Philippines for Rehabilitation, Republic Act No. 16 (Phil. 1946)
Related Laws
- Amendment to R.A. No. 16 Re: Authority of President to Negotiate LoansRepublic Act No. 213 • Jun 1, 1948 • Statutes
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