AN ACT
TO AMEND SECTION ONE AND FIVE OF REPUBLIC ACT NUMBERED
THREE HUNDRED AND FIFTY-SEVEN AS AMENDED BY REPUBLIC ACT
NUMBERED EIGHT HUNDRED THIRTEEN BY INCREASING TO ONE HUNDRED MILLION DOLLARS
THE AMOUNT OF LOANS WHICH THE NATIONAL
POWER CORPORATION MAY CONTRACT FROM THE
INTERNATIONAL BANK FOR RECONSTRUCTION
AND DEVELOPMENT, THE EXPORT-IMPORT BANK
OF WASHINGTON D.C., U.S.A., OR ANY OTHER INTERNATIONAL FINANCIAL INSTITUTION
SECTION 1.
Section one of Republic Act
Numbered Three hundred fifty-seven as amended by Republic
Act Numbered Eight hundred thirteen is amended to read as follows:
“SECTION 1. The National
Power Corporation is hereby authorized to contract loans from time to time
from the International Bank for
Reconstruction and Development, the
Export-Import Bank of Washington D.C. or any other international financial
institution or fund sources the total amount of which exclusive of interest,
shall not exceed one hundred million United States dollars or the equivalent
thereof in other currencies on such terms and conditions as it shall deem
appropriate for the accomplishment of its purposes and to enter into and execute
agreements and other documents specifying such terms and conditions.”
SEC. 2.
Section five of Republic Act
Numbered Three hundred fifty-seven is amended to read as follows:
“SEC. 5.
The total principal amount of loans contracted or
guaranteed by the Republic of the Philippines pursuant to the provisions of this
Act shall not exceed the sum of one hundred million dollars in currency of the
United States of America, or its equivalent in other currencies.”
SEC. 3.
This Act shall take effect upon its approval.
Approved, June 13, 1958
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