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Republic Act
Approved July 1, 1960

Republic Act No. 2695

Act to further amend act numbered thirty-five hundred and ninety-two, known as the 'portworks fund act', as amended by commonwealth act numbered one hundred and thirty and republic act numbered twelve hundred and sixteen, and to provide for the disbursement of said fund.

Act to further amend Act Numbered Thirty-five hundred and ninety-two, known as the 'Portworks Fund Act', as amended by Commonwealth Act Numbered One Hundred and Thirty and Republic Act Numbered Twelve Hundred and Sixteen, and to provide for the disbursement of said fund.

In plain language

This Act further amends the Portworks Fund Act, establishing how the collected wharfage and other port fees are to be used, setting aside portions for General Fund reimbursement, maintenance, and development, and specifies the fund's disbursement and creation of a special fund.

  • Collect wharfage, harbor, berthing, storage, and other port fees into the Portworks Fund.
  • Set aside 50% of the fund for reimbursement to the General Fund for bonds and loans related to port development.
  • Allocate the remaining 50% of the fund for maintenance, repair, and development of ports and port facilities.
Portworks Fund
Infrastructure
Public Works
Finance
Philippines
Republic Act

REPUBLIC ACT No. 2695

AN ACT TO FURTHER AMEND ACT NUMBERED THIRTY-FIVE HUNDRED AND NINETY-TWO, KNOWN AS THE "PORTWORKS FUND ACT," AS AMENDED BY COMMONWEALTH ACT NUMBERED ONE HUNDRED AND THIRTY AND REPUBLIC ACT NUMBERED TWELVE HUNDRED AND SIXTEEN, AND TO PROVIDE FOR THE DISBURSEMENT OF SAID FUND.

Section 1

Section one of Act Numbered Thirty-five hundred and ninety-two, as amended by Commonwealth Act Numbered One hundred and thirty and Republic Act Numbered Twelve hundred and sixteen, is hereby further amended to read as follows:

Sec. 1. All wharfage fees, harbor fees, berthing charges, storage charges, and net income from the share of arrastre charges as defined under Republic Act Numbered Thirteen hundred seventy-one as incorporated under Republic Act Numbered Nineteen hundred thirty-seven, and all tonnage dues defined under sections fourteen hundred seventeen and fourteen hundred eighteen of the revised Administrative Code, collected in our ports from the date on which this Act takes effect, shall be deposited in the National Treasury and shall form a special fund to be known as "Portworks Fund," which shall be disbursed in accordance with Acts of Congress, for the study, investigation and field surveys, research, planning, development, construction, improvement, maintenance and repair of ports, port facilities and port areas, warehouses, sheds and offices, buoys, lighthouses, and other aides to navigation, including the purchase, maintenance, rental charges, and replacement of necessary equipment: Provided, however, That out of the total annual collection, there is hereby set aside first, such sums as may be necessary to reimburse the General Fund for the redemption or payment of bonds issued or loans acquired by the National Government for the development, construction and improvement of ports: Provided,*further*, That fifty per centum of the remainder of the fund so formed is hereby set aside for the necessary expenses for the study, investigation and field surveys, research, maintenance and repair of ports, port facilities and port areas including warehouses, sheds and offices, buoys, lighthouses and other aids to navigation belonging to the National Government, dredging, quarrying, and improvements incidental to such maintenance and repair, including the purchase, repair and rental charges and replacement of necessary equipment, to be allotted by the Secretary of Public Works and Communications, with the approval of the President, upon certification by the Secretary of Finance that the necessary funds are available: And provided, further, That the remaining fifty per centum of the remainder of the fund so formed shall be appropriated by Acts of Congress for development, planning, construction, and improvement of ports, port facilities and port areas, including warehouses, sheds, and offices, buoys, lighthouses and other aids to navigation, including the acquisition and operation of construction equipment.

Section 2

This Act shall take effect on July first, nineteen hundred and sixty.

Approved: June 18, 1960

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.