Remittance of Interest on Obligations Contracted by Local Government Units
Republic Act No. 205, enacted on May 28, 1948, aims to aid provincial, city, and municipal governments in stabilizing their finances by remitting interest accrued on obligations contracted from January 1, 1942, to June 30, 1946. This Act applies to debts owed to the National Government or government-owned corporations, effectively alleviating financial burdens during a critical post-war period. Additionally, it extends the payment period for these obligations by four years and six months from their original due dates. The Act took effect upon its approval and was published in the Official Gazette in July 1948.
Law Information
- Reference Number
- Republic Act No. 205
- Date Enacted
- Category
- Statutes
- Subcategory
- Republic Acts
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
May 28, 1948
REPUBLIC ACT NO. 205
AN ACT TO REMIT THE INTEREST WHICH ACCRUED FROM JANUARY FIRST, NINETEEN HUNDRED AND FORTY-TWO, TO JUNE THIRTIETH, NINETEEN HUNDRED AND FORTY-SIX, ON ALL OBLIGATIONS CONTRACTED BY PROVINCIAL, CITY AND MUNICIPAL GOVERNMENTS IN FAVOR OF THE NATIONAL GOVERNMENT OR OF ANY OF THE GOVERNMENT-OWNED OR CONTROLLED CORPORATIONS, AND TO EXTEND FOR A PERIOD OF FOUR YEARS AND SIX MONTHS THE PAYMENT OF SUCH OBLIGATIONS
SECTION 1. For the purpose of enabling the different provinces, cities and municipalities to stabilize their finances, all interests which accrued from January first, nineteen hundred and forty-two, to June thirtieth, nineteen hundred and forty-six, on all obligations contracted by provincial, city and municipal governments in favor of the National Government or of any of the government-owned or controlled corporations are remitted, and the period of payment of the amortization on the said obligations is hereby extended for a term of four years and six months counted from the due date of the respective obligations. casia
SECTION 2. This Act shall take effect upon its approval.
Approved: May 28, 1948
Published in the Official Gazette, Vol. 44, No. 7, p. 2172 in July 1948
Cite This Law
Remittance of Interest on Obligations Contracted by Local Government Units, Republic Act No. 205, May 28, 1948 (Philippines)
Remittance of Interest on Obligations Contracted by Local Government Units, Republic Act No. 205 (Phil. 1948)
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