Increase in Loanable Amount of NAPOCOR from International Bank
Republic Act No. 2055, enacted on June 13, 1958, amends specific provisions of Republic Act No. 357 concerning the borrowing authority of the National Power Corporation (NPC). It increases the maximum loan amount NPC can contract from international financial institutions to $100 million, excluding interest. The amended Section 1 allows NPC to enter into agreements for these loans, while Section 5 stipulates that the total principal amount of loans guaranteed by the Republic of the Philippines cannot exceed the same $100 million limit. This act is effective upon its approval and was published in the Official Gazette on July 14, 1958.
Law Information
- Reference Number
- Republic Act No. 2055
- Date Enacted
- Category
- Statutes
- Subcategory
- Republic Acts
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
June 13, 1958
REPUBLIC ACT NO. 2055
AN ACT TO AMEND SECTIONS ONE AND FIVE OF REPUBLIC ACT NUMBERED THREE HUNDRED AND FIFTY-SEVEN AS AMENDED BY REPUBLIC ACT NUMBERED EIGHT HUNDRED THIRTEEN BY INCREASING TO ONE HUNDRED MILLION DOLLARS THE AMOUNT OF LOANS WHICH THE NATIONAL POWER CORPORATION MAY CONTRACT FROM THE INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT, THE EXPORT-IMPORT BANK OF WASHINGTON D.C., U.S.A., OR ANY OTHER INTERNATIONAL FINANCIAL INSTITUTION
SECTION 1. Section one of Republic Act Numbered Three hundred fifty-seven as amended by Republic Act Numbered Eight hundred thirteen is amended to read as follows:
"SEC. 1. The National Power Corporation is hereby authorized to contract loans from time to time from the International Bank for Reconstruction and Development, the Export-Import Bank of Washington D.C. or any other international financial institution or fund sources the total amount of which exclusive of interest, shall not exceed one hundred million United States dollars or the equivalent thereof in other currencies on such terms and conditions as it shall deem appropriate for the accomplishment of its purposes and to enter into and execute agreements and other documents specifying such terms and conditions." casia
SECTION 2. Section five of Republic Act Numbered Three hundred fifty-seven is amended to read as follows:
"SEC. 5. The total principal amount of loans contracted or guaranteed by the Republic of the Philippines pursuant to the provisions of this Act shall not exceed the sum of one hundred million dollars in currency of the United States of America, or its equivalent in other currencies."
SECTION 3. This Act shall take effect upon its approval.
Approved: June 13, 1958
Published in the Official Gazette, Vol. 54, No. 14, p. 4216 on July 14, 1958
Cite This Law
Increase in Loanable Amount of NAPOCOR from International Bank, Republic Act No. 2055, Jun 13, 1958 (Philippines)
Increase in Loanable Amount of NAPOCOR from International Bank, Republic Act No. 2055 (Phil. 1958)
Related Laws
- Authority of NAPOCOR to Contract Loans from International Bank for Reconstruction and DevelopmentRepublic Act No. 357 • Jun 4, 1949 • Statutes
- 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 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
- Amendments to R.A. No. 4093 Re: Charter of Private Development BankRepublic Act No. 4887 • Jun 17, 1967 • Statutes
- Expanded Coverage of and Increased Loanable Fund Set Aside Under LOI 874Letter of Instructions No. 1145 • May 25, 1981 • Presidential Issuances
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