Further Amending The Charter Of The Philippine National Bank
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Further Amending The Charter Of The Philippine National Bank
Presidential Decree No. 312
October 18, 1973
Case Overview and Summary
Presidential Decree No. 312 amends the Charter of the Philippine National Bank to grant the following powers:Issuance of Bonds, Notes, and Other Debt Instruments (Section 1)
- With the approval of the President of the Philippines, the Philippine National Bank can issue various types of bonds, promissory notes, debentures, certificates of indebtedness, or other debt instruments.
- These instruments can be:
- Secured by credits, real estate, or other assets of the Bank up to 90% of their value, or unsecured/subordinated (Section 1(a))
- Long-term, medium-term, or short-term (Section 1(b))
- With fixed or floating interest rates (Section 1(c))
- Denominated in Philippine currency or eligible foreign currencies (Section 1(d))
- With other features and requirements as deemed necessary by the Bank (Section 1(e))
- These instruments can be unconditionally guaranteed as to principal and interest by the Republic of the Philippines, or issued without such guaranty (Section 1)
- These instruments are exempt from any taxes imposed by the government or its subdivisions, both as to principal and interest (Section 1)
Repealing Clause (Section 2)
- All acts, executive orders, administrative orders, proclamations, rules, and regulations inconsistent with this Decree are repealed or modified accordingly.
Effectivity (Section 3)
- This Decree takes effect immediately.
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Executive Issuances
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promissory notes
debentures
certificates of indebtedness
debt instruments
secured
unsecured
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long-term
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fixed interest rate
floating interest rate
Philippine currency
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Further Amending The Charter Of The Philippine National Bank
Presidential Decree No. 312
•October 18, 1973
MALACAÑANGM a n i l a
PRESIDENTIAL DECREE No. 312 October 18, 1973
FURTHER AMENDING THE CHARTER OF THE PHILIPPINENATIONAL BANK
WHEREAS, the Charter of the Philippine National Bank was amended by Presidential Decrees Nos. 64 and 171 to incorporate certain changes and modifications, particularly certain proposals recommended in the report of an official banking survey commission;
WHEREAS, the Bank Charter needs further amendment and modification to enable the Bank to carry out it assigned role in the economic development of the country under the program of the New Society;
NOW, THEREFORE, I, FERDINAND E. MARCOS, Commander-in-Chief of all the Armed Forces of the Philippines, pursuant to Proclamation No. 1081, dated September 21, 1972, as amended, and in order to effect desire changes and reforms in the social, economic and political structures of our society, do hereby order and decree as follows:
Section 1. Section two, paragraph (i), of Republic Act Numbered Thirteen Hundred, as amended, is further amended to read as follows:
"Sec. 2. Corporate powers and duties. The said National Bank, upon organization,...
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