AMENDING PRESIDENTIAL DECREE NO. 393 BY APPROPRIATING THE BALANCE OF P18,761,828.58 OF THE FUNDS PREVIOUSLY APPROPRIATED FOR AMORTIZATION OF HEAVY EQUIPMENT PROCURED UNDER THE DEFERRED PAYMENT PLAN AND GUARANTEED BY THE PHILIPPINE NATIONAL BANK.

• Number: Presidential Decree No. 808
• Sections: 3

Preamble

WHEREAS, Presidential Decree No. 393 appropriated the sum of

P185 Million out of the funds for rehabilitation, improvement and

betterment of the Highways Special Fund for use exclusively for the

liquidation of the obligation of the Bureau of Public Highways to the

Philippine National Bank in connection with the purchase of heavy

construction equipment under the Deferred Payment Plan;

WHEREAS, after liquidating the obligation of the Bureau of

Public Highways to the Philippine National Bank in connection with these

purchases of construction equipment under the Deferred Payment Plan,

there still remains a balance of P18,761,828.58 of the total amount

previously appropriated;

WHEREAS, aside from the obligation of the Bureau of Public

Highways to the Philippine National Bank in connection with the purchase

of heavy equipment under the Deferred Payment Plan, the Department of

Public Highways has also other outstanding obligations with the

Philippine National Bank;

WHEREAS, in order to enable the Department of Public

Highways to liquidate these other outstanding obligations, it is

necessary to provide the necessary funds;

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

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

do hereby decree and order:

Section 1

SECTION 1. Section 1 of Presidential Decree No.

393 entitled, "Appropriating the sum of one hundred eighty-five million

pesos from the funds for rehabilitation, improvement and betterment of

the highway special fund for the amortization of heavy construction

equipment previously procured under the deferred payment plan," is

hereby amended to read as follows:

"SECTION 1. The provisions of any existing law, decree,

letter of instructions, rule or regulation to the contrary

notwithstanding, the sum of one hundred eighty-five million pesos

(P185,000,000.00) is hereby appropriated out of the funds for

Rehabilitation, Improvement and Betterment of the Highway Special Fund

to be used exclusively for the liquidation of the obligation of the

Bureau of Public Highways to the Philippine National Bank in connection

with the purchase of heavy construction equipment under the deferred

payment plan, Provided: That any balance of the original amount

appropriated hereunder existing after the obligation afore-mentioned has

been paid shall be used to liquidate other outstanding obligations of

the defunct Bureau with the Philippine National Bank."

Section 2

SEC. 2. This Decree shall take effect immediately.

Done in the City of Manila, this 13th day of October, in the

year of Our Lord, nineteen hundred and seventy-five.

(Sgd.)

FERDINAND E. MARCOS

President

Republic of the Philippines

By the President:

(Sgd.)

ROBERTO V. REYES

Acting Executive Secretary