Republic Act No. 213: An act to amend section one of republic act numbered sixteen entitled "an act authorizing the president of the philippines to obtain such loans or incur such indebtedness with the government of the united states, its agencies and instrumentalities as may be necessary to cover budgetary deficits and other expenditures of the government of the republic of the philippines for rehabilitation and other purposes, and appropriating the necessary funds therefor"

Republic Act No. 213

An act to amend section one of republic act numbered sixteen entitled "an act authorizing the president of the philippines to obtain such loans or incur such indebtedness with the government of the united states, its agencies and instrumentalities as may be necessary to cover budgetary deficits and other expenditures of the government of the republic of the philippines for rehabilitation and other purposes, and appropriating the necessary funds therefor"

An Act to Amend Section One of Republic Act Numbered Sixteen Entitled "An Act Authorizing the President of the Philippines to Obtain Such Loans or Incur Such Indebtedness with the Government of the United States, its Agencies and Instrumentalities as May be Necessary to Cover Budgetary Deficits and Other Expenditures of the Government of the Republic of the Philippines for Rehabilitation and Other Purposes, and Appropriating the Necessary Funds Therefor"

In plain language

This act amends Section One of Republic Act No. 16, authorizing the President to negotiate loans or incur indebtedness not exceeding two hundred million pesos with the United States government, the International Bank for Reconstruction and Development, the Export-Import Bank of the United States, or other financial institutions, for rehabilitation and industrial development purposes.

President authorized to negotiate loans or incur indebtedness not exceeding 200 million pesos with specified entities.

Amendment

Loan Authorization

Rehabilitation

Industrial Development

REPUBLIC ACT No. 213

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

Section 1

Section one of Republic Act Numbered Sixteen is hereby amended to read as follows:

> "Sec. 1. The President of the Philippines is hereby authorized to negotiate such loans or to incur such indebtedness not to exceed two hundred million pesos with the Government of the United States, its agencies and instrumentalities, the International Bank for Reconstruction and Development, the Export-Import Bank of the United States, or any other bank or financial institution, as may be necessary to cover expenditures of the Government of the Republic of the Philippines for rehabilitation and/or industrial development purposes including the purchase of necessary equipment or other kinds of properties from the United States under such terms and conditions as may be agreed upon."

Section 2

This Act shall take effect upon its approval.

Approved: June 1, 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.