Presidential Decree No. 542 (PD 542) — Amending Presidential Decree No. 264, Creating the Philippine Amanah Bank
WHEREAS, Presidential Decree No. 264, dated August 2, 1073
was designed and intended principally to rehabilitate, develop, expand
and promote the socio-economic conditions of the economically depressed
provinces of Mindanao, particularly in the Muslim provinces of North
Cotabato, Maguindanao, Sultan Kudarat, Lanao del Norte, Lanao del Sur,
Sulu, Tawi-Tawi, Zamboanga del Norte, and Zamboanga del Sur, and to
provide more opportunities and incentives to the Muslim citizens of the
Philippines, m actively and sincerely participating and getting involved
m community development and nation-building;
WHEREAS, in order to render more effective the foregoing
intentions and objectives of this Decree, it is necessary that the
religious beliefs and practices of the Muslim citizens of the
Philippines, be followed and respected, unless otherwise it is contrary
to law, good morals and public policy.
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the
Philippines, by virtue of the powers vested in me by the Constitution,
do hereby amend Presidential Decree No. 264, as follows:
SECTION 1. Section 1 of Presidential Decree No. 264,
creating the Philippine Amanah Bank, is hereby amended to read as
follows:
"SEC. 1. Purposes, Name, Domicile and Basis. — To
provide credit, commercial, development and savings banking facilities
at reasonable terms to the people of the primarily Muslim provinces of
Mindanao, principally, the provinces of North Cotabato, Maguindanao,
Sultan Kudarat, Lanao del Sur, Lanao del Norte, Sulu, Basilan, Zamboanga
del Norte, Zamboanga del Sur and Palawan for the establishment,
acquisition, development and expansion of agricultural, commercial and
industrial enterprises, there is hereby created a body corporate to be
known as the Philippine Amanah Bank, which shall have its principal
place of business at Zamboanga City and shall exit for fifty years.
The Philippine Amanah Bank shall be based on the Islamic Concept
of Banking, following the no-interest and partnership principles."
SEC. 2. The third paragraph of Section 15 of the same decrees is
hereby amended to read as follows:
"All profits assigned as dividends to the shares of the
government, and all remaining net profits of the bank after the payment
of dividends to stockholders other than the government of the
Philippines, its agencies or instrumentalities, if there is any, shall
be transmitted to the Muslim Development Fund of the Philippine Amanah
Bank."
SEC. 3. All laws, decrees, orders, rules regulations or
parts thereof inconsistent with this Decree are hereby repealed or
modified accordingly.
SEC. 4. This Decree shall take
effect immediately.
Done in the City of Manila, this 20th day of August, 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).
