Expenditure of Loan Proceeds for Construction of Hydroelectric Power Projects and Fertilizer Plant

June 1, 1948

REPUBLIC ACT NO. 216

AN ACT TO AUTHORIZE THE EXPENDITURE OF THE PROCEEDS OF A LOAN NOW BEING APPLIED FOR BY THE GOVERNMENT FOR THE CONSTRUCTION OF CERTAIN HYDROELECTRIC POWER PROJECTS AND THE ERECTION OF A FERTILIZER PLANT

WHEREAS, for the purpose of giving impetus to industrial development and to aid agriculture, the Government has decided to develop certain hydroelectric power projects and erect a fertilizer plant;

WHEREAS, under Republic Act Numbered Sixteen, approved September eighteen, nineteen hundred and forty-six, the President has been authorized to obtain loans for rehabilitation and economic development purposes; acd

WHEREAS, it is necessary for the consideration by the Export-Import Bank of the United States or the International Bank for Reconstruction and Development or other credit institutions from which the said loan may be applied for to raise the funds needed to finance the projects above-mentioned that the Congress by law specifically appropriate the proceeds of said loan for the specific purposes for which the funds are intended: Now, therefore:

SECTION 1. That the proceeds of the loan of one hundred seventy-six million pesos being applied for from the credit institutions herein-above named is hereby appropriated, if and when the same shall have been granted, for the following projects:

1.	The construction of complete hydroelectric power
	plants, including preliminary investigations,
	preparation of technical plans and specifications,
	acquisition of equipment, materials, supplies and
	services necessary therefor, building of dams,
	reservoirs, transmission systems and other
	accessory installations at —
	(a)	Ambuklao	P48,000,000.00
	(b)	Itogon	70,000,000.00
	(c)	Maria Cristina	23,400,000.00
2.	The diversion of the Lumot River and increasing
	the height of the dam of the Caliraya reservoir	6,000,000.00
3.	The erection and construction of a fertilizer plant	28,600,000.00
			———————
	Total		P176,000,000.00

SECTION 2. This Act shall take effect upon its approval. cdt

Approved: June 1, 1948

Published in the Official Gazette, Vol. 44, No. 7, p. 2183 in July 1948