ALLOWING THE EXPENDITURE DURING THE PERIOD FROM JANUARY FIRST TO JUNE THIRTY, NINETEEN HUNDRED AND SEVENTY-THREE, OF THE INCOME ACCRUING TO THE GENERAL, TRUST AND OTHER FUNDS IN…

WHEREAS, figures compiled by the National Accounting Service
of the Budget Commission and as reconciled with those of the Commission
on Audit, show that as of fiscal year 1971-72 ended June 30, 1972,
there was a deficit of P335,412,694.71 in the General Fund;

WHEREAS, pursuant to the provisions of Republic Act No. 992,
otherwise known as the Revised Budget Act, a quarterly allotment system
was established and designed to forestal deficit by keeping
expenditures within the income;

WHEREAS, following the allotment system the collections at
the beginning of the ensuing fiscal year will have to be applied first
to wipe out the deficit of the previous fiscal year which, in effect,
would paralyze the essential activities of the Government during the
first quarter of the new fiscal year;

WHEREAS, it is clearly in the public interest that the said
deficit of P335,412,694.71 incurred during the fiscal year 1972 which
ended June 30, 1972, should be blocked to enable the Government to use
the collections during the initial period of fiscal year 1973 to cover
the expenditures previously authorized by law instead of applying the
said collections to wipe out the deficit of the previous year;

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

SECTION 1. The expenditures made during the period from July
first to December thirty-first, nineteen hundred seventy-three pursuant
to appropriations made by law prior to this Decree, of the income
accruing to the general, special, trust, and other funds in the
Philippine Treasury for the said period is hereby authorized: Provided,
however. That the expenditures from special and trust funds for
the period shall have been made solely for the purposes for which said
special and trust funds were created.

SEC. 2. All laws, decrees, orders, rules and regulations or
parts thereof inconsistent herewith are hereby repealed or modified
accordingly.

SEC. 3. This Decree shall take effect immediately.

Done in the City of Manila, this 18th day of December, in the year
of Our Lord, nineteen hundred and seventy-four.