MALACAÑANG
M a n i l aPRESIDENTIAL DECREE No. 162 March 29, 1973
AMENDING SECTION 7 OF PRESIDENTIAL DECREE NO. 6-A ENTITLED "AUTHORIZING THE UNDERTAKING OF EDUCATIONAL DEVELOPMENT PROJECTS, PROVIDING FOR THE MECHANICS OF IMPLEMENTATION AND FINANCING THEREOF, AND FOR OTHER PURPOSES"
I, FERDINAND E. MARCOS, President of the Philippines, by virtue of the powers vested in me by the Constitution as Commander-in-Chief of all the Armed Forces of the Philippines, and pursuant to Proclamation No. 1081 dated September 21, 1972 and General Order No. 1, dated September 22, 1972 do hereby order and decree, to be part of the law of the land, the following:
Section 1. Section 7 of Presidential Decree No. 6-A dated September 21, 1972 is hereby amended to read as follows:
"Sec. 7. Authority to Borrow. The President of the Philippines, in behalf of the Republic of the Philippines, may contract loans, credits or indebtedness with any foreign source or lender under such terms and conditions as may be agreed upon, any provisions of law,...
Details
Amends
n/a
Amended by
n/a
Presidential Decrees
Amending Section 7 Of Presidential Decree No. 6-A Entitled "Authorizing The Undertaking Of Educational Development Projects, Providing For The Mechanics Of Implementation And Financing Ther
Presidential Decree No. 162
Amending Section 7 of Presidential Decree No. 6-A
• Authorizes the President of the Philippines to contract loans, credits or indebtedness with any foreign source or lender for a total amount not exceeding $100 million or equivalent in other currencies. (Section 1)
• The loans are to meet the direct and indirect foreign exchange requirements and peso costs of the projects authorized under Presidential Decree No. 6-A, including studies, surveys, equipment, machineries, supplies, construction, installation and related services. (Section 1)
• The loans are exempted from certain laws, including Republic Act No. 4860 as amended, Act No. 4299, Commonwealth Act No. 138, Commonwealth Act No. 541, Republic Act No. 912, and Republic Act No. 5183. (Section 1)
• The loans must have terms of payment of not less than 10 years. (Section 1)
• The manner of application and utilization of the loan proceeds shall also apply to existing credit agreements. (Section 1)
• Authorizes the President of the Philippines to contract loans, credits or indebtedness with any foreign source or lender for a total amount not exceeding $100 million or equivalent in other currencies. (Section 1)
• The loans are to meet the direct and indirect foreign exchange requirements and peso costs of the projects authorized under Presidential Decree No. 6-A, including studies, surveys, equipment, machineries, supplies, construction, installation and related services. (Section 1)
• The loans are exempted from certain laws, including Republic Act No. 4860 as amended, Act No. 4299, Commonwealth Act No. 138, Commonwealth Act No. 541, Republic Act No. 912, and Republic Act No. 5183. (Section 1)
• The loans must have terms of payment of not less than 10 years. (Section 1)
• The manner of application and utilization of the loan proceeds shall also apply to existing credit agreements. (Section 1)