Republic Act No. 205: An act to remit the interest which accrued from january first, nineteen hundred and forty-two, to june thirtieth, nineteen hundred and forty-six, on all obligations contracted by provincial, city and municipal governments in favor of the national government or of any of the government-owned or controlled corporations, and to extend for a period of four years and six months the payment of such obligations

Republic Act No. 205

An act to remit the interest which accrued from january first, nineteen hundred and forty-two, to june thirtieth, nineteen hundred and forty-six, on all obligations contracted by provincial, city and municipal governments in favor of the national government or of any of the government-owned or controlled corporations, and to extend for a period of four years and six months the payment of such obligations

An Act to Remit the Interest Which Accrued from January First, Nineteen Hundred and Forty-Two, to June Thirtieth, Nineteen Hundred and Forty-Six, on All Obligations Contracted by Provincial, City and Municipal Governments in Favor of the National Government or of Any of the Government-Owned or Controlled Corporations, and to Extend for a Period of Four Years and Six Months the Payment of Such Obligations

In plain language

Remits interest accrued on certain public debt from 1942-1946 and extends the payment period by 4 years and 6 months to aid local governments in stabilizing finances.

Remits interest accrued from January 1, 1942 to June 30, 1946 on obligations contracted by local governments to the National Government or government‑owned corporations.

Extends the payment period for amortization of said obligations by four years and six months.

The Act takes effect upon approval.

Public Debt

Finance

Local Government

Interest Remission

Amortization

REPUBLIC ACT No. 205

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

Section 1

For the purpose of enabling the different provinces, cities and municipalities to stabilize their finances, all interests which accrued from January first, nineteen hundred and forty-two, to June thirtieth, nineteen hundred and forty-six, on all obligations contracted by provincial, city and municipal governments in favor of the National Government or of any of the government-owned or controlled corporations are remitted, and the period of payment of the amortization on the said obligations is hereby extended for a term of four years and six months counted from the due date of the respective obligations.

Section 2

This Act shall take effect upon its approval.

Approved: May 28, 1948.

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.