FURTHER AMENDING PRESIDENTIAL DECREE NUMBERED THIRTEEN HUNDRED NINE, AS AMENDED BY PRESIDENTIAL DECREE NUMBERED SIXTEEN HUNDRED AND EIGHTY-FIVE AUTHORIZING THE CENTRAL BANK OF THE PHILIPPINES TO ENGAGE IN SPECIAL BORROWING AND LENDING OPERATIONS.

• Number: Presidential Decree No. 1938
• Sections: 6

Preamble

WHEREAS, the present financial situation which

requires a general rescheduling, restructuring and refinancing of the country's

foreign obligations, would call for a guaranty by the Philippine Government of

the foreign loan obligations of the Central Bank of the Philippines;

WHEREAS, the Government should be clothed with

an expanded authority to guarantee foreign loans or credits of the Central Bank

upon such terms and conditions as may be agreed upon with the foreign

creditors;

NOW, THEREFORE, I, FERDINAND E. MARCOS,

President of the Philippines, by virtue of the powers vested in me by the

Constitution, do hereby decree and order the amendment of Presidential Decree

No. 1309, as amended by Presidential Decree No. 1685, as follows:

Section 1

SECTION 1. Section 1-A of Presidential Decree

No. 1309, as amended, is hereby amended to read as follows:

"Section 1-A. Foreign loans or credits

obtained by the Central Bank under this Decree or Republic Act No. 265, as

amended, may be guaranteed by the Republic of the Philippines upon

such terms

and conditions as may be agreed upon with the foreign creditors."

Section 1-C

SEC. 1-C of the same Decree is hereby amended

to read as follows:

Section 2-C

Section 2-C. To refinance existing foreign

obligations."

Section 3

SEC. 3. Any provision of law, decree, rules

and regulations inconsistent herewith are hereby repealed, amended, or modified

accordingly.

Section 4

SEC. 4. This Decree shall take effect

immediately.

Done in the City of Manila, this 27th day of June in the year

of Our Lord, nineteen hundred and eighty-four.