Amending Further Section Five (A) Of Republic Act Numbered Three Thousand Seven Hundred Seventy-Nine, As Amended, Otherwise Known As "The Savings And Loan Association Act"
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Amending Further Section Five (A) Of Republic Act Numbered Three Thousand Seven Hundred Seventy-Nine, As Amended, Otherwise Known As "The Savings And Loan Association Act"
Presidential Decree No. 450
May 10, 1974
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Summary of Presidential Decree No. 450Amending Section 5(a) of Republic Act No. 3779 ("The Savings and Loan Association Act")
- Allows savings and loan associations to grant loans for agricultural projects, in addition to personal finance and home building/development loans. (Section 1)
- Loan limits:
- For employees/wage earners: Up to the amount deposited plus four months' salary/income (Section 1)
- For real estate loans: Up to 70% of the fair market value of the property used as collateral (Section 1)
- Loan maturity periods:
- General loans: Up to 3 years (Section 1)
- Home building/development loans: Up to 20 years (Section 1)
- Agricultural project loans: Medium or long-term, as prescribed by the Monetary Board (Section 1)
- Allows employers to deduct loan payments from employees' salaries/wages and remit to the savings and loan association, subject to Monetary Board rules. (Section 1)
- Repeals, amends, or modifies inconsistent laws. (Section 2)
- Effective immediately upon issuance. (Section 3)
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Executive Issuances
Presidential Decrees
savings and loan associations
agricultural project financing
home building loans
home development loans
personal finance loans
loan limits
loan maturity
salary deductions
Monetary Board regulations
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Amending Further Section Five (A) Of Republic Act Numbered Three Thousand Seven Hundred Seventy-Nine, As Amended, Otherwise Known As "The Savings And Loan Association Act"
Presidential Decree No. 450
•May 10, 1974
MALACAÑANGM a n i l a
PRESIDENTIAL DECREE No. 450 May 10, 1974
AMENDING FURTHER SECTION FIVE (a) OF REPUBLIC ACT NUMBERED THREE THOUSAND SEVEN HUNDRED SEVENTY-NINE, AS AMENDED, OTHERWISE KNOWN AS "THE SAVINGS AND LOAN ASSOCIATION ACT"
WHEREAS, savings and loan associations have proved to be effective instruments in encouraging the savings habit of the people, especially among the low and middle-income groups and in providing additional credit facilities to households, consumers, small-scale entrepreneurs and home-builders;
WHEREAS, in addition to catering to the credit needs of households by providing personal finance and long-term financing for home building and development, stock savings and loan associations should also be harnessed to help in the financing of agricultural projects, as envisioned in the Land Reform Program;
NOW, THEREFORE, I, FERDINAND E. MARCOS, by virtue of the powers in me vested by the Constitution and in order to help effect the desired changes and reforms in the social and economic structure of our society, do hereby order and decree the amendment of Republic Act No. 3779, as amended,...
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