Amending the Penultimate Paragraph of Section Fifteen of Presidential Decree Numbered Nine Hundred Ninety-Two

MALACAÑANG
M a n i l a

PRESIDENTIAL DECREE No. 1020

AMENDING THE PENULTIMATE PARAGRAPH OF SECTION FIFTEEN OF PRESIDENTIAL DECREE NUMBERED NINE HUNDRED NINETY-TWO

I, FERDINAND E. MARCOS, President of the Philippines, by virtue of the powers vested in me by the Constitution, in order to effect minor amendments to existing law and needed corrections of certain typographical errors therein, do hereby order and decree the following:

Section 1. The penultimate paragraph of Section 15 of Presidential Decree No. 992 is hereby amended to read as follows:

"The Republic of the Philippines hereby guarantees the payment by the Corporation of both the principal and the interest on the bonds so issued, and shall pay such principal and interest in case the Corporation fails to do so, and in order to make the payments so guaranteed, such items as may be necessary are hereby appropriated out of any funds in the National Treasury not otherwise appropriated."

Section 2. This Decree shall take effect immediately.

Done in the City of Manila, this 22nd day of...

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Summary of Presidential Decree No. 1020

Amendments to Presidential Decree No. 992
- Amends the penultimate paragraph of Section 15 of Presidential Decree No. 992. (Section 1)
- The Republic of the Philippines guarantees the payment of both the principal and interest on bonds issued by the Corporation. (Section 1)
- If the Corporation fails to pay the principal and interest, the Republic of the Philippines shall pay them. (Section 1)
- Necessary funds are appropriated from the National Treasury to make the guaranteed payments. (Section 1)
- The Decree takes effect immediately. (Section 2)