70 OG No. 19, 3751 (May 13, 1974)

[ PRESIDENTIAL DECREE NO. 443, May 02, 1974 ]

AMENDING PARAGRAPH (A-1) OF SECTION SIX OF REPUBLIC ACT NUMBERED SEVENTEEN HUNDRED AND EIGHTY-NINE, AS AMENDED, OTHERWISE KNOWN AS THE REPARATIONS LAW

WHEREAS, Paragraph (a-1) of Section 6 of Republic Act
Numbered 1789, as last amended by Presidential Decree No. 332, requires
private applicant end-users to pay a cash down payment of ten (10%)
percent of the value of the project applied for as one of the conditions
for the issuance of procurement order;

WHEREAS, the private applicant end-users find said ten (10%)
percent cash down payment to be a big drain of their finances which are
needed for the initial investment in the preparatory works for their
projects, and have requested a reduction of said cash down payment; and

WHEREAS, the requested reduction in the cash down payment
would greatly help said applicant end-users in successfully putting up
their projects which will eventually contribute to the national economy;

NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the
Philippines, by virtue of the powers vested in me by the Constitution,
do hereby decree and order the amendment of Paragraph (a-l) of Section 6
of Republic Act No. 1789, as amended, as follows:

SECTION 1. The
following condition in Paragraph (a-l) of Section 6 of Republic Act No.
1789, as amended, relative to the conditions for the issuance of
procurement order for the acquisition of reparations goods and/or
services intended for private parties, is hereby amended to read as
follows:

* * * * * * *

SECTION 6.
x x x x

(a-1) x x x; (3) the project concerned must be among those
specifically included in the reparations schedule agreed upon and
effective between the Philippine and Japanese Governments at the time of
issuance of the procurement order: Provided, That no procurement
order shall be issued until after the private applicant end-user
concerned shall have made a cash down payment for the project applied
for which shall be five (5%) percent of the value of the project
computed at the current rate of exchange of the peso to the U.S. dollar
prevailing at the time of payment; x x x

SEC. 2. This amendment shall have
retroactive effect as of November 9, 1973, the date of effectivity of
Presidential Decree No. 332.

SEC. 3. All provisions of Republic
Act No. 1789, as amended, the rules and regulations promulgated
thereunder, and all other laws, decrees, executive orders, or parts
thereof, inconsistent with this Decree are hereby repealed, modified
and/or amended accordingly.

SEC. 4. This Decree shall take effect
immediately.

Done in the City of Manila, this 2nd day of May in the year of Our
Lord, nineteen hundred and seventy-four.

Source: Supreme Court E-Library