Republic Act No. 1302: An act to encourage filipino retailers and to create the filipino retailers fund

In plain language

Republic Act No. 1292 establishes a revolving fund to encourage Filipino retailers by providing credit facilities, loan guarantees, and technical assistance. It limits cash loans to 20% of the fund, caps loan amounts at PHP5,000, sets a 4% interest rate, and requires that loan proceeds be used solely for retail purposes.

Creation of a revolving fund for Filipino retailers

Limit of 20% of the fund for cash loans

Cash loans capped at PHP5,000 with 4% annual interest

Loans payable in five equal installments

Loan proceeds must be used solely for retail purposes

Provision of technical assistance at no cost

Establishment of a guidance division

Appropriation of twenty million pesos for the fund

Retail trade

Credit facilities

Filipino retailers

Revolving fund

REPUBLIC ACT No. 1302

An Act to Convert the Municipal District of Mankayan, Sub-Province of Benguet, Mountain Province, into a Municipality

Be it enacted by the Senate and House of Representatives of the Philippine Congress Assembled:

Section 1

The Municipal District of Mankayan, Sub-province of Benguet, Mountain Province, is converted into a municipality.

Section 2

The present mayor, vice-mayor and councilors, of the Municipal District of Mankayan shall be the mayor, vice-mayor and councilors, respectively, of the new municipality until their successors shall have been elected in the next regular election for provincial and municipal officials and shall have qualified.

Section 3

This Act shall take effect upon its approval.

Approved: June 16, 1955.

For information and research only, and not legal advice. This text may not reflect later amendments. For certified copies, refer to the Official Gazette or the issuing agency.