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Presidential Decree No. 1871

PHILIPPINE LAWS, STATUTES AND CODES - CHAN ROBLES VIRTUAL LAW LIBRARY

PRESIDENTIAL DECREES





PRESIDENTIAL DECREE NO. 1871

PRESIDENTIAL DECREE NO. 1871 - AMENDING Section ONE OF PRESIDENTIAL DECREE NUMBERED THIRTY-TWO


WHEREAS, the Asian Development Bank (ADB) conducts a general review, and whenever appropriate, approves the increase of the Bank's authorized capital stock and subscriptions of member countries including the Philippines;

WHEREAS, on 25 April 1983, the Board of Governors of the Bank adopted Resolution No. 158 which provides for a third general increase in the Bank's authorized capital stock and for subscriptions to such increase by the Bank's members; and

WHEREAS, there is a continuing need to meet any increase in the subscription of the Republic of the Philippines to the capital stock of the Asian Development Bank.

NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines, by virtue of the powers vested in me by the Constitution do hereby order and decree:

Section 1. Section 1 of Presidential Decree No. 32, is hereby amended to read as follows:

"Section 1. The President of the Philippines is hereby authorized to negotiate for the increase of the subscription of the Republic of the Philippines to the capital stock of the Asian Development Bank in such amounts as promulgated thereunder.

Sec. 2. This Decree shall take effect immediately.

Done in the City of Manila, this 18th day of July, in the year of Our Lord, nineteen hundred and eighty-three.
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Since 19.07.98.



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