Amending Republic Act Numbered Four Thousand Eight Hundred Sixty, As Amended (Re Foreign Borrowing Act)
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Amending Republic Act Numbered Four Thousand Eight Hundred Sixty, As Amended (Re Foreign Borrowing Act)
Presidential Decree No. 150
March 13, 1973
Case Overview and Summary
Summary of Presidential Decree No. 150Amending the Foreign Borrowing Act (Republic Act No. 4860)
- Authorizes the President to contract loans, credits, deferred payments, and enter into agreements for official assistance (Section 1):
• From foreign governments, UN agencies, international lending institutions, or firms extending supplier's credit
• To undertake development projects, feasibility studies, and related activities (Section 1A)
• At least 75% of loans must be for income-generating projects (Section 1A)
• Loans can be used for foreign exchange requirements, peso costs, environmental management, etc. (Section 1A)
• To lend proceeds to government-owned/controlled corporations for development projects (Section 1B)
• To lend proceeds to Development Bank of the Philippines for relending to private sector (Section 1C)
• Private sector projects must be approved by relevant authorities (Section 1C)
• Loans cannot be reloaned to entities with arrears, and penalties apply for non-payment (Section 1C)
• Authorizes the President to issue tax-exempt bonds, debentures, etc. for international sale (Section 1)
- Allows exemption from taxes, charges, or levies on loan agreements and contracts (Section 2, adding Section 4-A)
- Modifies or repeals inconsistent provisions of previous laws (Section 3)
- Decree takes effect immediately (Section 4)
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Executive Issuances
Presidential Decrees
foreign borrowing
loans
credits
deferred payments
official assistance
development projects
feasibility studies
income-generating projects
foreign exchange requirements
peso costs
environmental management
government-owned corporations
Development Bank of the Philippines
private sector
arrears
penalties
bonds
debentures
tax exemptions
charges
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Amending Republic Act Numbered Four Thousand Eight Hundred Sixty, As Amended (Re Foreign Borrowing Act)
Presidential Decree No. 150
•March 13, 1973
MALACAÑANGM a n i l a
PRESIDENTIAL DECREE No. 150 March 13, 1973
AMENDING REPUBLIC ACT NUMBERED FOUR THOUSAND EIGHT HUNDRED SIXTY, AS AMENDED (RE FOREIGN BORROWING ACT)
WHEREAS, there are indications from international financial organizations about future changes in their lending policies aimed at increasing the financing of local costs of certain projects;
WHEREAS, experience has shown the need for flexibility in tapping foreign sources of funding;
NOW, THEREFORE, I, FERDINAND E. MARCOS, Commander-in- Chief of all the Armed Forces of the Philippines, pursuant to Proclamation No. 1104 dated January 17, 1973, and General Order No. 1, as amended, dated September 22, 1972 and in order to assure a sustained and accelerated implementation of our development program, do hereby order to amend further certain sections of Republic Act Numbered Four Thousand eight hundred sixty, as amended, and not to adopt this decree as part of the law of the land.
Section 1. Section one of Republic Act Numbered Four Thousand eight hundred sixty, as amended, is further amended to read as follows:
"Sec. 1....
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