FURTHER AMENDING PRESIDENTIAL DECREE NUMBERED THIRTEEN HUNDRED NINE, AS AMENDED BY PRESIDENTIAL DECREE NUMBERED SIXTEEN HUNDRED AND EIGHTY-FIVE AUTHORIZING THE CENTRAL BANK OF T…

WHEREAS, the present financial situation which
requires a general rescheduling, restructuring and refinancing of the country’s
foreign obligations, would call for a guaranty by the Philippine Government of
the foreign loan obligations of the Central Bank of the Philippines;

WHEREAS, the Government should be clothed with
an expanded authority to guarantee foreign loans or credits of the Central Bank
upon such terms and conditions as may be agreed upon with the foreign
creditors;

NOW, THEREFORE, I, FERDINAND E. MARCOS,
President of the Philippines, by virtue of the powers vested in me by the
Constitution, do hereby decree and order the amendment of Presidential Decree
No. 1309, as amended by Presidential Decree No. 1685, as follows:

SECTION 1. Section 1-A of Presidential Decree
No. 1309, as amended, is hereby amended to read as follows:

“Section 1-A. Foreign loans or credits
obtained by the Central Bank under this Decree or Republic Act No. 265, as
amended, may be guaranteed by the Republic of the Philippines upon
such terms
and conditions as may be agreed upon with the foreign creditors.”

SEC. 1-C of the same Decree is hereby amended
to read as follows:

Section 2-C. To refinance existing foreign
obligations.”

SEC. 3. Any provision of law, decree, rules
and regulations inconsistent herewith are hereby repealed, amended, or modified
accordingly.

SEC. 4. This Decree shall take effect
immediately.

Done in the City of Manila, this 27th day of June in the year
of Our Lord, nineteen hundred and eighty-four.