Authorizing the President to Negotiate for Subscription Increases to International Bank for Reconstruction and Development and International Monetary Fund
Republic Act No. 4862, enacted on August 8, 1966, amends a previous law to authorize the President of the Philippines to negotiate for increases in the country's subscription to the International Bank for Reconstruction and Development and its quota in the International Monetary Fund. The maximum limit for such subscriptions and quotas is set at $175 million. This amendment aims to enhance the Philippines' financial contributions and engagement with these international financial institutions. The Act takes effect upon its approval and was published in the Official Gazette on February 10, 1969.
Law Information
- Reference Number
- Republic Act No. 4862
- Date Enacted
- Category
- Statutes
- Subcategory
- Republic Acts
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
August 8, 1966
REPUBLIC ACT NO. 4862
AN ACT FURTHER AMENDING SECTION ONE OF REPUBLIC ACT NUMBERED TWO THOUSAND FIFTY-TWO, AS AMENDED (AUTHORIZING THE PRESIDENT TO NEGOTIATE FOR INCREASES IN THE SUBSCRIPTION OF THE REPUBLIC OF THE PHILIPPINES TO THE INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT AND TO ITS QUOTA IN THE INTERNATIONAL MONETARY FUND)
SECTION 1. Section one of Republic Act Numbered Two thousand fifty-two, as amended by Republic Act Numbered Two thousand six hundred eighty-six, is further amended as follows:
"SEC. 1. The President of the Philippines is hereby authorized to negotiate for increases in the subscription of the Republic of the Philippines to the capital stock of the International Bank for Reconstruction and Development and to its quota in the International Monetary Fund: Provided, however, That such subscription shall not exceed one hundred seventy-five million United States dollars and such quota shall not exceed the same amount."
SECTION 2. This Act shall take effect upon its approval. cd i
Approved: August 8, 1966
Published in the Official Gazette, Vol. 65, No. 6, p. 1248 on February 10, 1969
Cite This Law
Authorizing the President to Negotiate for Subscription Increases to International Bank for Reconstruction and Development and International Monetary Fund, Republic Act No. 4862, Aug 8, 1966 (Philippines)
Authorizing the President to Negotiate for Subscription Increases to International Bank for Reconstruction and Development and International Monetary Fund, Republic Act No. 4862 (Phil. 1966)
Related Laws
- Authorizing the President to Increase the Philippine Participation in the IMF and International BankRepublic Act No. 2052 • May 21, 1958 • Statutes
- Authority of President to Negotiate for R.P. Subscription to International Development AssociationRepublic Act No. 2687 • Jun 18, 1960 • 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 a Loan from International Bank for Reconstruction and DevelopmentRepublic Act No. 3854 • May 22, 1964 • Statutes
- Authority of President to Incur Loans from International Bank for Reconstruction and DevelopmentRepublic Act No. 4853 • Jul 18, 1966 • Statutes
- Amending Section 1 of R.A. No. 2052Republic Act No. 2686 • Jun 18, 1960 • Statutes
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