AMENDING SECTION 7 OF PRESIDENTIAL DECREE NO. 6-A ENTITLED "AUTHORIZING THE UNDERTAKING OF EDUCATIONAL DEVELOPMENT PROJECTS, PROVIDING FOR THE MECHANICS OF IMPLEMENTATION AND FINANCING THEREOF, AND FOR OTHER PURPOSES"

• Number: Presidential Decree No. 162
• Sections: 3

Preamble

I, FERDINAND E. MARCOS, President of the Philippines, by

virtue of the powers vested in me by the Constitution as

Commander-in-Chief of all the Armed Forces of the Philippines, and

pursuant to Proclamation No. 1081, dated September 21, 1972, and Genera!

Order No. 1, dated September 22, 1972 do hereby order and decree, to be

part of the law of the land, the following:

Section 1

SECTION 1. Section 7 of Presidential Decree No. 6-A, dated

September 21, 1972 is hereby amended to read as follows:

"SEC. 7. Authority to Borrow. — The President of

the Philippines, in behalf of the Republic of the Philippines, may

contract loans, credits or indebtedness with any foreign source or

lender, under such terms and conditions as may be agreed upon, any

provisions of law, including Republic Act Numbered Forty-eight hundred

and Sixty as amended, Act Numbered Forty-two hundred and Ninety-nine,

Commonwealth Act Numbered one hundred and thirty-eight, Commonwealth Act

Numbered Five hundred forty-one, Republic Act Numbered Nine Hundred

Twelve, Republic Act Numbered Fifty-one hundred eighty-three, and other

related laws to the contrary notwithstanding, for a total amount not

exceeding one hundred million United States Dollars or the equivalent

thereof in other currencies, as may be necessary to meet the direct and

indirect foreign exchange requirements and the peso costs of the

projects authorized under this Decree, including studies,

surveys, equipment, machineries, supplies, construction, installation

and related services of any such projects: Provided, That the

manner of application and utilization of the loan proceeds herein

provided shall likewise apply to existing credit agreements:

Provided, further, That the loans, credits or indebtedness are

incurred on terms of payment of not less than ten (10) years.

Section 2

SEC. 2. This Decree shall take effect immediately.

Done in the City of Manila, this 29th day of March, in the year of

Our Lord, nineteen hundred and seventy-three.

(Sgd.) FERDINAND E. MARCOS

President

Republic of the Philippines

By the President:

(Sgd.) ALEJANDRO MELCHOR

Executive Secretary