AUTHORIZING THE INCREASE IN THE SUBSCRIPTION OF THE PHILIPPINES TO THE CAPITAL STOCK OF THE ASIAN DEVELOPMENT BANK

WHEREAS, the Asian Development Bank (ADB) has
approved the increase in the Bank’s authorized capital from $1.1 billion
to $2.75 billion to enable it to maintain the pace of its assistance to
developing member countries;

WHEREAS, the corresponding increase in the
Philippine subscription to the Bank is $43 million in callable capital
and P10.5 million in paid-in capital;

WHEREAS, the Philippines has been the recipient of
various loans from the ADB aggregating $62 million which have partially
satisfied the great need of the Philippine Government for funds for its
economic development projects; and

WHEREAS, it is imperative that the necessary
authority, pending in Congress as H. B. No. 5246, for the Republic of
the Philippines to increase its subscription to the ADB be granted as
the installments on the paid-in shares commence on April 3, 1973;

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, do hereby
decree, order and make as part of the law of the land H. B. No. 5246,
entitled: “AN ACT AUTHORIZING THE PRESIDENT OF THE PHILIPPINES
TO NEGOTIATE FOR THE INCREASE IN THE SUBSCRIPTION OF THE PHILIPPINES TO
THE CAPITAL STOCK OF THE ASIAN DEVELOPMENT BANK, AND PROVIDING FOR THE
PROCEDURE TO MEET THE FINANCIAL REQUIREMENTS THEREFOR.“

This Decree shall take effect immediately.

Done in the City of Manila, this 27th day of October, 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
		Executive Secretary