APPROPRIATING THE SUM OF ONE HUNDRED EIGHTY-FIVE MILLION PESOS (P185,000,000) FROM THE FUNDS FOR REHABILITATION, IMPROVEMENT AND BETTERMENT OF THE HIGHWAY SPECIAL FUND FOR THE A…

WHEREAS, the Bureau of Public Highways had purchased under
the “deferred payment plan,” guaranteed by the Philippine National Bank,
several types of heavy construction equipment for the infrastructure
program of the Government;

WHEREAS, the amortization of these equipments in accordance
with the amortization schedule was expected to be financed from the
proceeds of rentals collected for their use mid other appropriations
that may later be made available;

WHEREAS, the proceeds from equipment rentals are also being
partly used for the maintenance and repair of these equipments, and the
balance thereof is not sufficient to cover the periodic amortizations in
accordance with the schedule of payment;

WHEREAS, because of the insufficiency of rentals derived
from the use of these equipments and the lack of appropriation to
amortize their cost in accordance with the amortization plan, the
interest on the unpaid obligation that has accrued and compounded has
increased; and

WHEREAS, in order to be able to liquidate this obligation to
minimize the interest thereon and in order that the proceeds from
rentals of equipment could be used solely for the maintenance and repair
of these equipments, it is necessary to provide adequate funds
therefor;

NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the
Philippines, by virtue of the powers in me vested 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, as amended, do hereby promulgate
and decree:

SECTION 1. The provisions of any existing law, decree,
letter of instruction, rule or regulation to the contrary
notwithstanding, the sum of One hundred eighty-five million pesos
(P185,000,000) is hereby appropriated out of the funds for
Rehabilitation, Improvement and Betterment of the Highway Special Fund
to be used exclusively for the liquidation of the obligation of the
Bureau of Public Highways to the Philippine National Bank in connection
with the purchase of heavy construction equipment under the deferred
payment plan.

SEC. 2. The sum herein appropriated shall be provided from
the Highway Special Fund and released to the Bureau of Public Highways
annually for a period of three (3) years.

SEC. 3. This Decree shall take effect immediately.

Done in the City of Manila, this 25th day of February, in the year
of Our Lord, nineteen hundred and seventy-four.