Bretton Woods Agreements Act

October 15, 1945

COMMONWEALTH ACT NO. 699

AN ACT TO PROVIDE FOR THE PARTICIPATION OF THE COMMONWEALTH OF THE PHILIPPINES IN THE INTERNATIONAL MONETARY FUND AND THE INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT AND APPROPRIATING FUNDS THEREFOR

Short Title

SECTION 1. This Act may be cited as the "Bretton Woods Agreements Act." TIaCHA

Acceptance of Membership

SECTION 2. The President or his designated representative is hereby authorized to accept membership for the Commonwealth of the Philippines in the International Monetary Fund (hereinafter referred to as the "Fund"), and in the International Bank for Reconstruction and Development (hereinafter referred to as the "Bank"), provided for by the Articles of Agreement of the Fund and the Articles of Agreement of the Bank as set forth in the Final Act of the United Nations Monetary and Financial Conference dated July 22, 1944, and deposited in the archives of the Department of State of the United States.

Appointment of Governor, Alternate and Executive Director

SECTION 3. The President, with the consent of the Commission on Appointments, shall appoint a governor of the Fund and Bank and an alternate. The term of office of each shall be five years. The governor or his alternate, as the President may determine, is authorized to serve as an executive director of the Fund or the Bank. No person shall be entitled to receive any salary or other compensation from the Commonwealth of the Philippines for services as a governor, alternate, or executive director.

Reports

SECTION 4. The President from time to time, but not less frequently than every six months, shall transmit to the Congress a report with respect to the participation of the Commonwealth of the Philippines in the Fund and Bank.

Certain Acts Not to be Taken without Authorization

SECTION 5. Unless Congress by law authorized such action, neither the President nor any person or agency shall on behalf of the Commonwealth of the Philippines (a) request or consent to any change in the quota of the Commonwealth of the Philippines under Article III, section 2, of the Articles of Agreement of the Fund; (b) propose or agree to any change in the par value of the Philippine peso under Article IV, section 5, or Article XX, section 4, of the Articles of Agreement of the Fund, or approve any general change in par values under Article IV, section 7; (c) subscribe to additional shares of stock under Article II, section 3, of the Articles of Agreement of the Bank; (d) accept any amendment under Article XVII of the Articles of Agreement of the Fund or Article VIII of the Articles of Agreement of the Bank; (e) make any loan to the Fund of the Bank. Unless Congress by law authorizes such action, no governor or alternate appointed to represent the Commonwealth of the Philippines shall vote for an increase of capital stock of the Bank under Article II, section 2, of the Articles of Agreement of the Bank.

Par Value of Philippine Peso

SECTION 6. When the Commonwealth of the Philippines is requested by the Fund to communicate the par value of the Philippine peso, such par value shall not be communicated as other than one half of a United States dollar of the weight and fineness in effect on July 1, 1944.

Depositories

SECTION 7. The National Treasury or any bank authorized by law to transact business in the Philippines which is requested to do so by the Fund or the Bank shall act as its depository or as its fiscal agent. The Secretary of Finance shall supervise and direct the carrying out of these functions by the depository.

Payment of Subscriptions

SECTION 8. (a) Article VII, Chapter 41, of the Revised Administrative Code is hereby amended by adding a new section which shall read as follows:

"SEC. 1626-A. The provisions of existing law to the contrary notwithstanding, the National Treasurer is directed to use an amount not in excess of fifteen million United States dollars of the 'Treasury Certificate Fund' established in this Article to pay the subscription of the Commonwealth of the Philippines to the Fund. The investment of the Commonwealth of the Philippines in the Fund shall be deemed a part of the 'Treasury Certificate Fund' and any repayment of the principal of said investment shall be payable only to the 'Treasury Certificate Fund.'"

(b) The sum of six million pesos is hereby appropriated out of any funds in the National Treasury not otherwise appropriated, for the payment of the first part of the subscription of the Commonwealth of the Philippines to the Bank. The Secretary of Finance is authorized to issue special notes of the Commonwealth of the Philippines from time to time at par and to deliver such notes to the Bank in payment of the first part of the subscription to the Bank to the extent permitted by the Articles of Agreement of the Bank. The notes in which such payment may be made, shall bear no interest, shall be non-negotiable, and shall be payable on demand of the Bank out of the funds herein appropriated. The Commonwealth of the Philippines guarantees the payment of the remaining part of its subscription to the Bank as called by the Bank.

(c) Any payment made to the Commonwealth of the Philippines by the Fund or the Bank as a distribution of net income shall be covered into the National Treasury as a miscellaneous receipt. In the event of the liquidation of the Bank, the amounts due the Commonwealth of the Philippines as a result of its investment in the shares of the Bank shall be covered into the National Treasury as a miscellaneous receipt. TaHDAS

Obtaining and Furnishing Information

SECTION 9. (a) Whenever a request is made by the Fund to the Commonwealth of the Philippines as a member to furnish data under Article VIII, section 5, of the Articles of Agreement of the Fund, the President may, through any agency he may designate, require any person to furnish such information as the President may determine to be essential to comply with such request. In making such determination the President shall seek to collect the information only in such detail as is necessary to comply with the request of the Fund. No information so acquired shall be furnished to the Fund in such detail that the affairs of any person are disclosed.

(b) It shall be unlawful for any officer or employee of the Government, or for any adviser or consultant to the Government, to disclose, otherwise than in the course of official duty, any information obtained under this section, or to use any such information for his personal benefit. Whoever violates any of the provisions of this subsection shall, upon conviction, be fined not more than five thousand pesos, or imprisoned for not more than five years, or both in the discretion of the court.

(c) The term "person" as used in this section means an individual, partnership, corporation or association.

Jurisdiction and Venue of Actions

SECTION 10. For the purpose of any action which may be brought within the Philippines by or against the Fund or the Bank in accordance with the Articles of Agreement of the Fund or the Articles of Agreement of the Bank, the Fund or Bank, as the case may be, shall be deemed to be a resident of the province or city in which its branch office in the Philippines is located, and any such action to which either the Fund or the Bank shall be a party shall be deemed to arise under the laws of the Philippines, and the Court of First Instance shall have original jurisdiction of any such action.

Status, Immunities, and Privileges

SECTION 11. The provisions of Article IX, sections 2 to 9, both inclusive, and the first sentence of Article VIII, section 2 (b), of the Articles of Agreement of the Fund and the provisions of Article VI, section 5 (i), and Article VII, sections 2 to 9, both inclusive, of the Articles of Agreement of the Bank shall have full force and effect in the Philippines upon acceptance of membership by the Commonwealth of the Philippines in, and the establishment of, the Fund and the Bank, respectively.

SECTION 12. All laws or parts of laws inconsistent with this Act are hereby repealed.

SECTION 13. When this Act shall have been approved by the President of the United States, as provided in subsection (9), section 1, of the Ordinance Appended to the Constitution of the Philippines, such fact shall be made known by proclamation of the President of the Philippines, and this Act shall take effect on the date of said proclamation.

Approved, October 15, 1945.