MALACAÑANG
M a n i l aPRESIDENTIAL DECREE No. 1194
FURTHER AMENDING REPUBLIC ACT NUMBERED TWO THOUSAND FIFTY-TWO
WHEREAS, the International Monetary Fund, at intervals of not more than five (5) years, conducts a general review, and if it deems it appropriate proposes an adjustment, of the quotas of the member countries including the Philippines; and
WHEREAS, there is continuing need to meet any increase in the subscription of the Republic of the Philippines to the capital stock of the International Bank for reconstruction and Development and its quota in the International Monetary Fund.
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines, by virtue of the powers vested in me by the Constitution, do hereby order and decree;
Section 1. Section 1 of Republic Act Numbered Two Thousand Fifty-two is hereby amended to read as follows:
"Sec. 1. The President of the Philippines is hereby authorized to negotiate for the increase in the subscription of the Republic oft the Philippines to the capital stock of the International Bank for reconstruction...
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Presidential Decrees
Further Amending Republic Act Numbered Two Thousand Fifty-Two
Presidential Decree No. 1194
Summary of Presidential Decree No. 1194
Amending Republic Act No. 2052 on the Philippines' Subscription to International Financial Institutions
- Authorizes the President of the Philippines to negotiate for an increase in the subscription of the Republic of the Philippines to the capital stock of the International Bank for Reconstruction and Development and its quota in the International Monetary Fund. (Section 1)
• The amount of increase shall be as required by the Articles of Agreement of the Fund and the rules duly promulgated thereunder.
- Appropriates funds from the National Treasury to reimburse the Central Bank of the Philippines for any advances made pursuant to Section 2 of Republic Act No. 2052. (Section 2)
• The reimbursement amount shall cover all advances made by the Central Bank.
- The decree takes effect immediately upon issuance. (Section 3)
Amending Republic Act No. 2052 on the Philippines' Subscription to International Financial Institutions
- Authorizes the President of the Philippines to negotiate for an increase in the subscription of the Republic of the Philippines to the capital stock of the International Bank for Reconstruction and Development and its quota in the International Monetary Fund. (Section 1)
• The amount of increase shall be as required by the Articles of Agreement of the Fund and the rules duly promulgated thereunder.
- Appropriates funds from the National Treasury to reimburse the Central Bank of the Philippines for any advances made pursuant to Section 2 of Republic Act No. 2052. (Section 2)
• The reimbursement amount shall cover all advances made by the Central Bank.
- The decree takes effect immediately upon issuance. (Section 3)