PHILIPPINE LAWS, STATUTES, CODES & ISSUANCES
PHILIPPINE LAWS, STATUTES AND CODES
REPUBLIC ACTS
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REPUBLIC ACT NO. 3149 - AN ACT TO
AMEND REPUBLIC ACT NUMBERED THREE HUNDRED SIXTY-NINE
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| WHEREAS, the Agreement for the sale of
certain surplus war property, entered into between the Government of
the Republic of the Philippines and the Government of the United States
of America on the eleventh day of September, nineteen hundred
forty-six, and approved under Republic Act Numbered Thirty-three, among
others, contains the following provisions:
"ARTICLE
5 � Consideration
"b.
That the United States shall forthwith pay to the
Philippines the sum of twenty-five million dollars on account and in
part payment of the financial obligations and responsibilities of the
United States arising from:
"(1)
The issuance in the Philippines of emergency
currency, guerrilla currency, military scrip or other writing intended
to circulate as money, the issuance of which was duly authorized, and
"(2) Any unpaid advances, loans, credits and overdrafts by the Philippine National Bank, the Commonwealth of the Philippines or any corporation, political subdivision or agent thereof, during the war with Japan but not after the second day of September, nineteen hundred and forty-five; and that the Philippines, as partial consideration for the property transferred hereunder and not identified in Article five-a hereof as granted under the Philippine Rehabilitation Act of 1946, hereby releases and acquits the United States of the unpaid balance of the financial obligations and responsibilities aforesaid and shall forever indemnify and hold the United States harmless from all claims and demands of every nature arising therefrom by any person or persons whomsoever. "c. That in further consideration for the property transferred hereunder and not identified pursuant to Article five-a hereof as granted under the Philippine Rehabilitation Act of nineteen hundred and forty-six, the Philippines shall make available to the United States the equivalent of five million dollars in manner following:
"(1)
The equivalent of three million dollars to be
available for the purchase of designated real estate and improvements
in real estate in the Philippines for the use and benefit of the United
States at prices to be agreed upon by the Governments, and
"(2) The equivalent of two million dollars and any unexpended portion of the sum set forth in Article five-c (1) above, to be available for the implementation of agreements to be entered into between the Philippines and the United States for cultural, research, instruction and other educational activities." WHEREAS, in pursuance of the above-quoted provisions of the Agreement, the Government of the United States paid to the Government of the Philippines the equivalent sum of fifty million pesos in the following manner: The sum of forty million pesos was actually paid to the National Treasurer and additional ten million pesos was credited against the Philippine obligation to make available to the United States the equivalent of five million dollars under Article five-c of the Agreement; WHEREAS, under Republic Act Numbered Three hundred sixty-nine, the entire sum in the fiduciary fund received by the Government of the United States in pursuance of the Agreement above-mentioned was appropriated solely for the redemption of pre-surrender and post-surrender emergency and/or guerrilla currency notes; WHEREAS, under Article five-b (2) of the Agreement, the Philippine Government in effect has assumed the obligation to pay or reimburse out of the aforesaid fiduciary fund any unpaid advances, loans, credits and/or overdrafts that may be lawfully due its political subdivisions, instrumentalities or agencies from the United States Government; WHEREAS, under Republic Act Numbered Eighty-seven, the net proceeds from the sales of surplus property acquired by the Philippine Government under Agreement approved by Republic Act Numbered Thirty-three, were appropriated to pay for the subscriptions of the said Government to the capital stock of the Rehabilitation Finance Corporation (now Development Bank of the Philippines); WHEREAS, many provinces made advances to units of the United States Armed Forces in the Far East (USAFFE), which accounts amount to about five million pesos and which remain wholly unpaid; WHEREAS, the Development Bank of the Philippines received all the proceeds from the sales of surplus property and at present has funds to pay the advances made by provinces to the United States Armed Forces in the Far East (USAFFE); and WHEREAS, said provinces desire that they be now reimbursed for the cash advances aforesaid: Now, therefore, Section 1. The last paragraph of Section one of Republic Act Numbered Three hundred sixty-nine is amended to read as follows:
"The
sum of thirty-eight million two hundred thirty-six thousand, six
hundred eighty-seven pesos and fifty-nine centavos is appropriated from
the fiduciary fund received by the Government of the Philippines from
the Government of the United States, pursuant to Republic Act Numbered
Thirty-three, for the redemption of the said post-surrender issues."
Sec. 2. The following new section is inserted between Sections seven and eight of the same Act:
"Sec.
7-A. The sum of five million pesos shall be turned
over by the Development Bank of the Philippines to the Treasurer of the
Philippines, and the said sum, or so much thereof as may be necessary,
is hereby appropriated for the payment of the advances made by
provinces to units of the United States Armed Forces in the Far East
(USAFFE) stationed in the said provinces."
Sec. 3. The title of Republic Act Numbered Three hundred sixty-nine is amended to read as follows:
"An
Act providing for the redemption of emergency and guerrilla currency
notes registered and deposited under the provisions of Republic Act
Numbered Twenty-two, for the reimbursement to the provinces which made
advances to USAFFE units stationed therein, appropriating funds
therefor, and for other purposes."
Sec. 4. This Act shall take effect upon its approval. Approved: June 17, 1961 |