AMENDING SECTION 7 OF PRESIDENTIAL DECREE NO. 6-A ENTITLED “AUTHORIZING THE UNDERTAKING OF EDUCATIONAL DEVELOPMENT PROJECTS, PROVIDING FOR THE MECHANICS OF IMPLEMENTATION AND FI…

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 Genera!
Order No. 1, dated September 22, 1972 do hereby order and decree, to be
part of the law of the land, the following:

SECTION 1. Section 7 of Presidential Decree No. 6-A, dated
September 21, 1972 is hereby amended to read as follows:

“SEC. 7. Authority to Borrow. — The President of
the Philippines, in behalf of the Republic of the Philippines, may
contract loans, credits or indebtedness with any foreign source or
lender, under such terms and conditions as may be agreed upon, any
provisions of law, including Republic Act Numbered Forty-eight hundred
and Sixty as amended, Act Numbered Forty-two hundred and Ninety-nine,
Commonwealth Act Numbered one hundred and thirty-eight, Commonwealth Act
Numbered Five hundred forty-one, Republic Act Numbered Nine Hundred
Twelve, Republic Act Numbered Fifty-one hundred eighty-three, and other
related laws to the contrary notwithstanding, for a total amount not
exceeding one hundred million United States Dollars or the equivalent
thereof in other currencies, as may be necessary to meet the direct and
indirect foreign exchange requirements and the peso costs of the
projects authorized under this Decree, including studies,
surveys, equipment, machineries, supplies, construction, installation
and related services of any such projects: Provided, That the
manner of application and utilization of the loan proceeds herein
provided shall likewise apply to existing credit agreements:
Provided, further, That the loans, credits or indebtedness are
incurred on terms of payment of not less than ten (10) years.

SEC. 2. This Decree shall take effect immediately.

Done in the City of Manila, this 29th day of March, in the year of
Our Lord, nineteen hundred and seventy-three.