Amending Further Republic Act One Thousand Entitled "An Act Authorizing The President Of The Philippines To Issue Bonds To Finance Public Works And Projects For Economic Development, Author
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Amending Further Republic Act One Thousand Entitled "An Act Authorizing The President Of The Philippines To Issue Bonds To Finance Public Works And Projects For Economic Development, Author
Presidential Decree No. 141
March 2, 1973
Case Overview and Summary
Summary of Presidential Decree No. 141Authorizing the President to Issue Bonds for Public Works and Economic Development:
- The President is authorized to issue bonds up to 2 billion pesos to finance public works and projects for economic and social development with high economic or social rates of return, authorized by law. (Section 1)
- Investments in such projects by provinces, cities, and municipalities shall be limited by their paying capacity, certified by the Secretary of Finance, considering the probable income from the projects. (Section 1)
- No issue shall be made if 80% of the immediately preceding issue of the same type has not been sold. (Section 1)
- Up to 5% of the bond issue can be used to pay government obligations, loans, and advances guaranteed by the National Government, made by government-owned or controlled financial institutions other than the Central Bank, that cannot be met on maturity. (Section 1)
Bond Terms and Features:
- Bonds shall have maturities of not less than 5 years, considering the absorption rate by the public and fund requirements of projects ready for execution. (Section 1)
- The Secretary of Finance, in consultation with the Monetary Board, shall prescribe the form, interest rate (taxable or tax-exempt), denominations, maturities, negotiability, convertibility, call and redemption features, and other terms and conditions. (Section 1)
- Bonds may be made payable in Philippine currency or any readily convertible foreign currency. (Section 1)
Lottery Bonds and Redemption:
- The Secretary of Finance may adopt a lottery bond scheme where subscribers holding bonds are eligible for drawings by lot at specified times, with awards or prizes given in addition to or in lieu of interest. (Section 1)
- The Secretary of Finance may apply the lottery principle in bond redemption, where bonds drawn by lot may be redeemed before maturity at face value or above. (Section 1)
Tax Exemption and Attachment:
- Bonds issued under this Act may be exempt from taxation, including the tax on foreign exchange, by the Government of the Republic of the Philippines or any political or municipal subdivision thereof, as stated on the bond face. (Section 1)
- Bonds shall be exempt from attachment, execution, or seizure. (Section 1)
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Amending Further Republic Act One Thousand Entitled "An Act Authorizing The President Of The Philippines To Issue Bonds To Finance Public Works And Projects For Economic Development, Author
Presidential Decree No. 141
•March 2, 1973
MALACAÑANGM a n i l a
PRESIDENTIAL DECREE No. 141 March 2, 1973
AMENDING FURTHER REPUBLIC ACT ONE THOUSAND ENTITLED "AN ACT AUTHORIZING THE PRESIDENT OF THE PHILIPPINES TO ISSUE BONDS TO FINANCE PUBLIC WORKS AND PROJECTS FOR ECONOMIC DEVELOPMENT, AUTHORIZED BY LAW AND FOR OTHER PURPOSES," AS AMENDED
WHEREAS, the National Government in order to expand the productive base of the economy and accelerate the phase of economic development of the Philippines is committed to provide basic social and economic infrastructures and facilities;
WHEREAS, many of these infrastructures and facilities while having high social and economic rate of return are not necessarily self-liquidating in nature in the sense that it can generate revenue to at least pay for its cost during a specified period of time;
WHEREAS, in the provision of these basic facilities, it is imperative for the National Government to mobilize all possible sources of revenue;
WHEREAS, one of the possible sources of revenue which can be tapped are those that can be generated under R.A. 1000, as amended, but which cannot...
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Amends
n/a
Amended by
n/a
Tags
Executive Issuances
Presidential Decrees
bonds
public works
economic development
social development
bond issuance
bond terms
bond features
lottery bonds
tax exemption
foreign currency
bond redemption
bond prizes
bond drawings
MALACAÑANGM a n i l a
PRESIDENTIAL DECREE No. 141 March 2, 1973
AMENDING FURTHER REPUBLIC ACT ONE THOUSAND ENTITLED "AN ACT AUTHORIZING THE PRESIDENT OF THE PHILIPPINES TO ISSUE BONDS TO FINANCE PUBLIC WORKS AND PROJECTS FOR ECONOMIC DEVELOPMENT, AUTHORIZED BY LAW AND FOR OTHER PURPOSES," AS AMENDED
WHEREAS, the National Government in order to expand the productive base of the economy and accelerate the phase of economic development of the Philippines is committed to provide basic social and economic infrastructures and facilities;
WHEREAS, many of these infrastructures and facilities while having high social and economic rate of return are not necessarily self-liquidating in nature in the sense that it can generate revenue to at least pay for its cost during a specified period of time;
WHEREAS, in the provision of these basic facilities, it is imperative for the National Government to mobilize all possible sources of revenue;
WHEREAS, one of the possible sources of revenue which can be tapped are those that can be generated under R.A. 1000, as amended, but which cannot...
Login to see full content