Authorizing The Reversion Of The Accumulated Thirty (30%) Percent Sinking Fund To The General Fund Of The City Of Manila, For The Undertaking Of Its Public Works Projects, And For Other Pur

MALACAÑANG
M a n i l a

PRESIDENTIAL DECREE No. 345 November 26, 1973

AUTHORIZING THE REVERSION OF THE ACCUMULATED THIRTY (30%) PERCENT SINKING FUND TO THE GENERAL FUND OF THE CITY OF MANILA, FOR THE UNDERTAKING OF ITS PUBLIC WORKS PROJECTS, AND FOR OTHER PURPOSES

WHEREAS, Paragraph V, Sec. 1 of Republic Act No. 6039, amending Sec. 18(cc) of Republic Act No. 409, otherwise known as the Revised Charter of the City of Manila, expressly provides that the "sinking fund shall be created from thirty per centum of the annual gross receipts from market fees which shall be used to amortize or to finance the construction of new markets to remodel or replace old market building, the purchase of privately-owned building utilized as public markets, and purchase of new market as public markets, and purchase of new market sites and the construction of market building and facilities thereof: Provided, that for as long as self-liquidating old markets have not been replaced, reconstructed, or remodeled in accordance with the specifications adopted and recommended by...

Login to see full content

Summary of Presidential Decree No. 345

Reversion of Accumulated 30% Sinking Fund to General Fund of Manila City
- Paragraph V, Sec. 1 of Republic Act No. 6039 requires 30% of annual gross receipts from market fees to be allocated to a sinking fund for:
• Amortizing or financing construction of new markets
• Remodeling or replacing old market buildings
• Purchasing privately-owned buildings for public markets
• Purchasing new market sites and constructing facilities
- On December 28, 1972, Manila City entered a contract with Asiatic Integrated Corporation to operate 35 public markets, requiring the latter to allocate at least 30% of 1971-1972 market fee gross receipts for market maintenance, repair, reconstruction, development and rehabilitation.
- Prior to the contract, P3,696,921.99 accumulated as the 30% sinking fund but was not appropriated per Republic Act No. 6039.
- With Asiatic Integrated Corporation now responsible for market improvements under the contract, there is no need to appropriate the accumulated P3,696,921.99 sinking fund.
- Manila City has urgent pending public works projects like street construction, repair, and estero dredging and clearing, which cannot proceed due to lack of funds.
- To generate funds for these public works projects, the accumulated P3,696,921.99 sinking fund is authorized to revert to Manila City's General Fund and be appropriated accordingly.

Keywords:
["sinking fund", "market fees", "public markets", "talipapas", "maintenance", "repair", "reconstruction", "development", "rehabilitation", "public works projects", "street construction", "street repair", "estero dredging", "estero clearing", "general fund", "appropriation", "Manila City", "Asiatic Integrated Corporation", "Republic Act No. 6039", "Republic Act No. 409"]