Republic Act No. 2052

An Act Authorizing the President of the Philippines to Increase the Participation of the Republic of the Philippines in the International Monetary Fund and the International Bank for Reconstruction and Development, and Providing for the Procedure to Meet the Financial Requirements Therefor

Be it enacted by the Senate and House of Representatives of the Philippine Congress Assembled:

Section 1. The President of the Philippines is hereby authorized to negotiate for the increase in the subscription of the Republic of the Philippines to the capital stock of the International Bank for Reconstruction and Development and its quota in the International Monetary Fund, in such amounts as may be required by the Articles of Agreement of the Fund and the rules that may be promulgated thereunder.

Section 2. (a) To cover the initial payments on the increase in quota in the Fund and the subscription to the capital stock of the Bank as required under the Articles of Agreements of the International Monetary Fund and the International Bank for Reconstruction and Development, the Secretary of Finance is authorized to secure, for and in behalf of the Republic of the Philippines, advances from the Central Bank of the Philippines, the necessary funds against which he shall issue five-year non-interest bearing and non-negotiable promissory notes of the Republic of the Philippines: Provided, However, That said promissory notes may be renewed for another period of five years.

(b) For the balance of the increase in quota and subscription payable to the Fund and the Bank, the Secretary of Finance is likewise authorized to issue special notes of the Republic of the Philippines at par which shall be non-interest bearing, and non-negotiable and shall be payable on demand by the Fund and Bank.

Section 3. There is hereby appropriated, out of any funds in the National Treasury not otherwise appropriated, such sums as may be needed to reimburse the Central Bank of the Philippines for all advances that may have been made by it pursuant to Section 2 of this Act.

Section 4. All Acts or parts of Acts inconsistent herewith are hereby amended accordingly.

Section 5. This Act shall take effect upon its approval.

Approved: May 21, 1958.