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Republic Acts

Republic Act No. 216

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

REPUBLIC ACTS




REPUBLIC ACT NO. 216
REPUBLIC ACT NO. 216 - AN ACT TO AUTHORIZE THE EXPENDITURE OF THE PROCEEDS OF A LOAN NOW BEING APPLIED FOR BY THE GOVERNMENT FOR THE CONSTRUCTION OF CERTAIN HYDROELECTRIC POWER PROJECTS AND THE ERECTION OF A FERTILIZER PLANT

WHEREAS, for the purpose of giving impetus to industrial development and tod agriculture, the Government has decided to develop certain hydroelectric power projects and erect a fertilizer plant;

WHEREAS, under Republic Act Numbered Sixteen, approved September eighteen, nineteen hundred and forty-six, the President has been authorized to obtain loans for rehabilitation and economic development purposes;

WHEREAS, it is necessary for the consideration by the Export-Import Bank of the United States or the International Bank for Reconstruction and Development or other credit institutions from which the said loan may be applied for to raise the funds needed to finance the projects above-mentioned that the Congress by law specifically appropriate the proceeds of said loan for the specific purposes for which the funds are intended: Now, therefore

Section 1. That the proceeds of the loan of one hundred seventy-six million pesos being applied for from the credit institutions hereinabove named is hereby appropriated, if and when the same shall have been granted, for the following projects:

1. The construction of complete
hydroelectric power plants, including
preliminary investigations, preparation
of technical plans and specifications,
acquisition of equipment, materials,
supplies and services necessary therefor,
building of dams, reservoirs, transmission
systems and other accessory installations at –

(a) Ambuklao P48,000,000.00
(b) Itogon 70,000,000.00
(c) Maria Cristina 23,400,000.00

2. The diversion of the Lumot River and
increasing the height of the dam of the
Caliraya reservoir 6,000,000.00

3. The erection and construction of a
fertilizer plant 28,600,000.00
Total P176,000,000.00

Sec. 2. This Act shall take effect upon its approval.

Approved: June 1, 1948

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