MALACAÑANG
M a n i l aPRESIDENTIAL DECREE No. 1977
AMENDING PRESIDENTIAL DECREE NO. 1961
WHEREAS, in furtherance of the National Economic Recovery Program, the Philippines has agreed to a multi-national arrangement for the rescheduling of credits made, guaranteed or insured by foreign governments and their agencies;
WHEREAS, under bilateral agreements being negotiated with or to be concluded with some creditor countries, foreign currency obligations of public sector obligors other than the National Government and of private sector obligors guaranteed by government corporations have to be assumed by, and consolidated with the foreign currency obligations of the National Government;
WHEREAS, the issuance of this Decree is an essential and necessary component of the National Economic Recovery Program formulated to meet and overcome the current economic crisis;
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Republic of the Philippines, by virtue of the powers vested in me by the Constitution, do hereby direct and order the amendment of Section 13 of Presidential Decree No. 1961 to read as follows:
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Presidential Decrees
Amending Presidential Decree No. 1961
Presidential Decree No. 1977
Summary of Presidential Decree No. 1977
Amending Presidential Decree No. 1961 in Furtherance of the National Economic Recovery Program
- Allows the Republic of the Philippines, its political subdivisions, instrumentalities, and government-owned or controlled corporations to reschedule, refinance, or restructure their foreign currency loans, credits, and indebtedness, including suppliers' credits, deferred payment arrangements, and official assistance, upon agreed terms and conditions with lenders, creditors, or suppliers. (Section 3)
- Authorizes the Republic of the Philippines, when permitted by the President in writing, to refinance or assume the foreign currency loans made, guaranteed, or insured by foreign governments and their agencies in favor of:
a) Corporations owned or controlled by the Government of the Republic of the Philippines and corporations where more than 50% of the beneficial ownership is held by such government-owned or controlled corporations. (Section 3)
b) Philippine private sector corporations guaranteed by government-owned or controlled corporations. (Section 3)
- The refinancing or assumption of foreign currency loans by the Republic of the Philippines is in connection with the rescheduling, refinancing, or restructuring of such official credits or indebtedness. (Section 3)
- The decree is an essential and necessary component of the National Economic Recovery Program formulated to meet and overcome the current economic crisis. (Preamble)
Amending Presidential Decree No. 1961 in Furtherance of the National Economic Recovery Program
- Allows the Republic of the Philippines, its political subdivisions, instrumentalities, and government-owned or controlled corporations to reschedule, refinance, or restructure their foreign currency loans, credits, and indebtedness, including suppliers' credits, deferred payment arrangements, and official assistance, upon agreed terms and conditions with lenders, creditors, or suppliers. (Section 3)
- Authorizes the Republic of the Philippines, when permitted by the President in writing, to refinance or assume the foreign currency loans made, guaranteed, or insured by foreign governments and their agencies in favor of:
a) Corporations owned or controlled by the Government of the Republic of the Philippines and corporations where more than 50% of the beneficial ownership is held by such government-owned or controlled corporations. (Section 3)
b) Philippine private sector corporations guaranteed by government-owned or controlled corporations. (Section 3)
- The refinancing or assumption of foreign currency loans by the Republic of the Philippines is in connection with the rescheduling, refinancing, or restructuring of such official credits or indebtedness. (Section 3)
- The decree is an essential and necessary component of the National Economic Recovery Program formulated to meet and overcome the current economic crisis. (Preamble)