Republic Act No. 3519: An act authorizing the president, for and in behalf of the government of the republic of the philippines, to guarantee such loans as may be granted by the export-import bank of washington, d.c., or any other international bank for the establishment of an integrated steel plant at iligan city and for other purposes

Republic Act No. 3519

An act authorizing the president, for and in behalf of the government of the republic of the philippines, to guarantee such loans as may be granted by the export-import bank of washington, d.c., or any other international bank for the establishment of an integrated steel plant at iligan city and for other purposes

An Act Authorizing the President, for and in Behalf of the Government of the Republic of the Philippines, to Guarantee Such Loans as May be Granted by the Export-Import Bank of Washington, D.C., or Any Other International Bank for the Establishment of an Integrated Steel Plant at Iligan City and for Other Purposes

In plain language

This law authorizes the President of the Philippines to guarantee loans, up to ₱275 million, from the Export-Import Bank of Washington, D.C. or other international banks for establishing, managing, and operating an integrated steel plant in Iligan City.

President authorized to guarantee loans for steel plant up to ₱275 million

President may appoint another person to exercise powers of this Act

Act takes effect upon approval

Finance

Infrastructure

Steel Industry

Government Guarantees

REPUBLIC ACT No. 3519

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

Section 1

Any provision of law to the contrary notwithstanding, the President of the Philippines is hereby authorized to guarantee absolutely or unconditionally, in the name and on behalf of the Government of the Republic of the Philippines, the payment of the loan or loans that may be granted by the Export-Import Bank of Washington, D.C., or any other international bank, for the establishment, management and operation of an integrated steel mill at Iligan City, Philippines: Provided, However, That the amount of the guaranty undertaken shall not exceed the sum of two hundred seventy-five million pesos, Philippine currency.

Section 2

The President of the Philippines is also hereby authorized to designate by appointment in writing such other person as he shall select to exercise any or all the powers conferred upon the President of the Philippines by this Act.

Section 3

This Act shall take effect upon its approval.

Approved: June 19, 1963.

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.