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.

• Number: Presidential Decree No. 520
• Sections: 8

Preamble

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

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.

Section 2

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.

Section 3

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.

Section 4

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.

Section 5

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.

Section 6

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.

Section 7

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