Presidential Decree No. 520 (PD 520) — Authorizing the Central Bank of the Philippines to Construct an International Conference Center Building, Acquire a Suitable Site for the Purpose, Organize a Corporation Which Will Manage and Administer the Said Center and for Other Purposes.
WHEREAS, it is the policy of the Government to make Manila
one of the financial centers of this region;
WHEREAS, the holding of conferences of international
financial and economic institutions in Manila is a concrete
manifestation of its recognition by the international financial
community as a financial center of this region;
WHEREAS, the most prestigious of the international
financial conferences is the joint annual meetings of the Board of
Governors of the International Monetary Fund (IMF) and the World Bank
(IBRD) held outside Washington, USA, every third year;
WHEREAS, a decision on the part of the two institutions to
hold a joint conference of their organizations in Manila would go a long
way towards establishing Manila as a financial canter of Asia;
WHEREAS, other inter-governmental bodies and specialized
agencies of the United Nations have expressed their desire to hold their
conferences in the Philippines.
WHEREAS, Manila at present lacks the facilities from the
standpoint of adequacy to meet the requirements of the conferences of
such international institutions;
WHEREAS, the Central Bank of the Philippines, as the
principal institution through which the IMF and IBRD with the Philippine
Government and this country, is in the best position to cause the
necessary arrangements to be made.
NOW, 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 following as part of the law of the land:
SECTION 1. The provisions of general and special laws to the
contrary notwithstanding, the Central Bank of the Philippines is hereby
authorized to establish an International Conference Center suitable for
the holding of international conferences, meetings, and the like. For
this purpose, it is likewise authorized to acquire a suitable site upon
which to construct such buildings and physical facilities as are deemed
necessary for its proper operation.
SEC. 2. In order for the International Conference Center to
enjoy autonomy of operation, separate and distinct from that of the
Central Bank, the latter is hereby authorized to organize a corporation
to be known as the Manila International Conference Center which will
manage and operate the former, the capital of which shall be fully
subscribed by the Central Bank.
The governing powers and authority of the corporation shall be
vested in, and exercised by, a Board of Directors composed of the
Central Bank Governor as Chairman, the Senior Deputy Governor as Vice
Chairman, and five other members to be designated by the Monetary Board.
The Board of Directors shall promulgate the rules and regulations in a
Code of By-Laws which shall be passed by the affirmative vote of
majority plus one of all members, governing the Manila International
Conference Center, providing for, among other things, the organization,
regular, special and annual meetings of the Board, its officers, and
their powers and duties. Amendment thereto shall likewise be made by a
similar vote of the members at any meeting of the Board duly convened.
SEC. 3. The corporation authorized herein to be created shall
have the power to sued and be sued; to contract and be contracted with;
to own, manage and hold such real and personal property as shall be
necessary for corporate purposes; to grant to any person or firm such
concession or concession rights on space or property within the
Conference Center for purposes essential or appropriate to its operation
upon such terms and conditions as its Board may deem proper; to receive
real and personal property by gift, devise, or bequest; to determine,
fix, impose, collect and receive fees or rentals for the use of any of
the property under its management and control; to invest its funds or
other assets in such undertakings as it may deem wise or necessary to
carry out its purposes and objectives; to adopt a seal and alter the
same; to adopt by-laws, rules and regulations not inconsistent with the
provisions of this Decree; to do all such acts and things as may be
necessary to carry into effect the provisions of this Decree; and,
generally to exercise all the powers of a corporation under the
Corporation Law (Act 1459, as amended) insofar as they are not
inconsistent with the provisions of this Decree.
The Chairman,
with the confirmation of the Board, shall have the power to appoint all
officers, staff and personnel of the Conference Center with such
compensation as may be fixed by the Board. Officials and employees of
the Center shall be exempt from the coverage of the Civil Service Law
and Rules.
SEC. 4. In the construction of the
International Conference Center, the Central Bank shall be exempt from
the requirements of general public bidding as provided in Executive
Order No. 298, series of 1940, and in related orders and regulations.
In view of the foreign exchange earnings to be derived from the
operations of the International Conference Center, the Central Bank
shall likewise be exempt from all forms of taxation and from duties and
all other imposts on any materials, equipments, articles, goods and
services that it may import from abroad for use in the said
construction, the provisions of the Tariff and Customs Code, as amended,
and the Internal Revenue Code, as amended, and other existing laws to
the contrary notwithstanding.
SEC. 5. The Chairman shall
submit to the Monetary Board at the end of every calendar year an annual
report containing the activities of the corporation and showing clearly
its exact financial condition, the sources of all receipts, and the
purpose of all disbursements.
SEC. 6. The provisions of
the Corporation Law, as amended, not inconsistent with this Decree shall
be applicable to the corporation authorized to be created herein on
matters not covered by the latter.
SEC. 7. This Act shall take effect upon its approval.
Done in the City of Manila, this 23rd day of July, in the year
of Our Lord, nineteen hundred and seventy-four.
(Sgd.)
FERDINAND E. MARCOS
President of the Philippines
By the President:
(Sgd.)
ALEJANDRO MELCHOR
Executive Secretary
Source: Supreme Court E-Library, Republic of the Philippines. Philippine laws are public documents (works of the government).
