Special Drawing Rights Act
Republic Act No. 6045, known as the "Special Drawing Rights Act," was enacted on August 4, 1969, authorizing the President of the Philippines to accept amendments to the Articles of Agreement of the International Monetary Fund (IMF). The Act facilitates the establishment of a Special Drawing Rights (SDRs) facility within the IMF and modifies certain existing rules and practices of the Fund. It also empowers the Central Bank of the Philippines to receive and manage SDRs as necessary for participation in the Special Drawing Account. Any conflicting laws are repealed, and the Act took effect upon approval.
Law Information
- Reference Number
- Republic Act No. 6045
- Date Enacted
- Category
- Statutes
- Subcategory
- Republic Acts
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
August 4, 1969
REPUBLIC ACT NO. 6045
AN ACT AUTHORIZING THE PRESIDENT OF THE PHILIPPINES TO ACCEPT THE AMENDMENT TO THE ARTICLES OF AGREEMENT OF THE INTERNATIONAL MONETARY FUND SO AS TO ESTABLISH A FACILITY FOR SPECIAL DRAWING RIGHTS AND GIVING EFFECT TO CERTAIN MODIFICATIONS IN THE PRESENT RULES AND PRACTICES OF THE FUND
SECTION 1. This Act shall be cited as the "Special Drawing Rights Act."
SECTION 2. The President of the Philippines is hereby authorized to accept the amendment to the Articles of Agreement of the International Monetary Fund, hereinafter referred to as the "Fund," attached to the April 1968 Report of the Executive Directors to the Board of Governors of the Fund, for the purpose of (a) establishing a facility for Special Drawing Rights (SDRs) in the Fund and, (b) giving effect to certain modifications in the present rules and practices of the Fund. casia
SECTION 3. The Central Bank if the Philippines is hereby authorized to receive and hold special drawing rights as may be allowed by the Fund and do all such acts as may be necessary to carry out the obligations of a participant in the Special Drawing Account of the Fund as may be prescribed by the Articles of Agreement of the Fund and the rules that may be duly promulgated thereunder.
SECTION 4. All laws or parts of laws inconsistent with the provisions of this Act are hereby repealed.
SECTION 5. This Act shall take effect upon its approval. aisa dc
Approved: August 4, 1969
Published in the Official Gazette, Vol. 66, No. 15, p. 3720 on April 13, 1970
Cite This Law
Special Drawing Rights Act, Republic Act No. 6045, Aug 4, 1969 (Philippines)
Special Drawing Rights Act, Republic Act No. 6045 (Phil. 1969)
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