WHEREAS, there were pending before Congress prior to
the promulgation of Proclamation No. 1081, dated September 21, 1972,
certain priority measures vital to the national development program of
the Government, and which were duly certified by the President as urgent
measures;
WHEREAS, one of these priority measures is a bill
authorizing additional subscription to the capital stock of the
International Development Association in accordance with the resolution
adopted by member nations to augment the resources of the Association;
WHEREAS, the Philippines has been recently a
recipient of a credit from the International Development Association in
the aggregate amount of $10 million and other projects are still being
considered for financing by the International Development Association
which has partially satisfied the great need for funds of the Philippine
Government for its economic development projects;
WHEREAS, it is imperative that the necessary
authority for the Philippines to put up the required additional
subscription to the capital stock of the International Development
Association in the amount of $196,240.00 be granted;
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of
the Philippines, by virtue of the powers in me vested by the
Constitution as Commander-in-Chief of the Armed Forces of the
Philippines, and pursuant to Proclamation No. 1081, dated September 21,
1972, do hereby decree and order that the House Bill amending Section
One of Republic Act No. 2687, as hereto attached is hereby adopted, and
approved and made as part of the law of the land.
This Decree shall take effect immediately.
Done in the City of Manila, this 7th day of November, in the year of
Our Lord, nineteen hundred and seventy-two.
(Sgd.) FERDINAND E. MARCOS
President
Republic of the Philippines
By the President:
(Sgd.) ALEJANDRO MELCHOR
Executive Secretary