AMENDING REPUBLIC ACT NUMBERED TWENTY-THREE HUNDRED SIXTY-ONE, ENTITLED "AN ACT REVERTING TO THE GENERAL FUNDS OF THE NATIONAL GOVERNMENT THE CASH BALANCES OF CERTAIN SPECIAL OR REVOLVING FUNDS UNDER CERTAIN CONDITIONS."

• Number: Presidential Decree No. 75
• Sections: 3

Preamble

WHEREAS, under R. A. No. 2361, enacted on June 20, 1959, the

whole or any such portion of any outstanding cash balance of a special or

revolving fund shall be transferred to the general fund of the National

Government upon certification by the head of office administering said fund and

attestation by the Auditor General to the effect that the purpose or purposes

for which the said fund was created had been fulfilled or abandoned or that the

amount of cash balance or any portion thereof is no longer needed without

adversely affecting the purpose for which the fund was created;

WHEREAS, the Auditor General, in his annual reports for

Fiscal Year 1968 thru Fiscal Year 1971 has repeatedly recommended the amendment

of R.A. No. 2361 so as to enable the Auditor General even without the

certification of Agency Head concerned to transfer the outstanding cash balances

of any special or revolving fund upon determination, based on financial

statements periodically submitted to the General Auditing Office, that the fund

has completely stopped operation for the last two years or that the cash balance

thereof has remained intact, or dormant for the same number of years;

WHEREAS, as a result of these existing special funds

remaining idle or dormant, large amounts of public funds are uselessly

immobilized, which otherwise could be made available for financing the various

essential public services of the Government;

NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the

Philippines, by virtue of the powers vested in me by the Constitution as

Commander-in-Chief of all the Armed Forces of the Philippines, and pursuant to

Proclamation No. 1081, dated September 21, 1972, and General Order No. 1, dated

September 22, 1972, as amended, do hereby adopt and make as part of the law of

the land certain amendments to the provisions of Republic Act No. 2361 entitled

"An Act Reverting to the General Funds of the National Government the Cash

Balances of Certain Special or Revolving Funds under Certain Conditions" which

shall read as follows:

Section 1

SECTION 1. Section one of Republic Act Numbered Twenty-three

hundred sixty-one, entitled "An Act Reverting to the General Funds of the

National Government the Cash Balances of Certain Special or Revolving Funds

Under Certain Conditions," is hereby amended as follows:

"SEC. 1. Any provision of law to the contrary

notwithstanding, the whole or any such portion of any outstanding cash balance

of any special or revolving fund upon certification by the Auditor General, as

determined by him from the financial statements periodically submitted to the

General Auditing Office, to the effect that the fund has completely stopped

operation for the last two years or that the cash balance has remained intact or

dormant for the same number of years, is hereby transferred to the general funds

of the National Government, and written report of such transfer shall

immediately be given by the Auditor General to the President of the Philippines,

the Secretary of Finance, the Commissioner of the Budget and the Treasurer of

the Philippines."

Section 2 Effectivity.

SEC. 2. Effectivity. — This Decree shall take

effect immediately.

Done in the City of Manila, this 6th day of December, 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

Secretary Executive