Amending Republic Act Numbered 1300, Entitled An Act Revising The Charter Of The Philippine National Bank

MALACAÑANG
M a n i l a

PRESIDENTIAL DECREE No. 5 September 26, 1972

AMENDING REPUBLIC ACT NUMBERED 1300, ENTITLED AN ACT REVISING THE CHARTER OF THE PHILIPPINE NATIONAL BANK

WHEREAS, there were pending before Congress prior to the promulgation of Proclamation No. 1081, dated September 21, 1972, certain priority measures vital to the national development program of the Government, and which were duly certified by the President as urgent measures;

WHEREAS, one of these priority measures is the bill seeking to amend the charter of the Philippine National Bank by increasing its authorized capital stock and by providing limits to government borrowings an adequate guidelines for its efficient operation;

WHEREAS, this measure is necessary to effect reforms in the bank's operations and to revitalize its structure as an important instrument to promote the national development program of the Government;

NOW, THEREFORE, I, FERDINAND E. MARCOS, Commander-in-Chief of all the Armed Forces of the Philippines, pursuant to Proclamation No. 1081, dated September 21, 1972, and General Order No. 1, dated September 22, 1972,...

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Summary of Presidential Decree No. 5

Amending the Charter of the Philippine National Bank

- Increases the authorized capital stock of the Philippine National Bank to provide adequate capital for its operations and to promote the national development program of the Government.
- Provides limits and guidelines for government borrowings from the Philippine National Bank to ensure its efficient operation.
- Reforms and revitalizes the structure of the Philippine National Bank as an important instrument for national development.
- Adopts and approves the entire text of House Bill No. 2403, entitled "Amending Republic Act Numbered 1300, entitled 'An Act Revising the Charter of the Philippine National Bank'" as part of the law.
- Allows the President to make amendments, changes, and modifications to the decree, which shall take effect after announcement.