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PHILIPPINE LAWS, STATUTES & CODES
A collection of Philippine laws, statutes and codes not included or cited in the main indices of the Chan Robles Virtual Law Library.
Republic Acts :
REPUBLIC ACTS
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REPUBLIC ACT NO. 604 - AN ACT
APPROPRIATING FIFTY MILLION PESOS TO CONSTITUTE A COUNTERPART FUND FOR
ANY ASSISTANCE WHICH MAY BE RECEIVED BY THE GOVERNMENT OF THE
PHILIPPINES FROM THE GOVERNMENT OF THE UNITED STATES THROUGH THE
ECONOMIC COOPERATION ADMINISTRATION OF THE UNITED STATES |
Section 1. There
is appropriated, out of any available funds of the Government of the
Philippines, the sum of fifty million pesos which shall constitute a
"Counterpart Fund" available for deposit in a Special Account in the
Central Bank of the Philippines or in any bank or banks as determined
by the Central Bank in sums commensurate with the dollar value of the
goods, and cost of services and technical assistance to be made
available to the Philippines from the Government of the United States
through the Economic Cooperation Administration of the United States
pursuant to the Economic Cooperation Act of 1948, as amended, of the
United States, the China Aread Act of 1950 of the United States, and
any further applicable United States Legislation providing ford to the
Philippines through the Economic Cooperation Administration.
Sec. 2. In addition to the foregoing sum, such sums of money as may be received from the sale and importation of goods, things, commodities, articles or services furnished by the United States to the Philippines as hereinbefore set forth, shall also form a part of the said Fund. Sec. 3. The proceeds of the said sales and importations shall be deposited immediately upon receipt in the said Special Account. The monies herein appropriated shall be deposited in the said Special Account from time to time as required by the Economic Cooperation Administration pursuant to the provisions of the legislation hereinabove mentioned. The said Special Account shall be adequately secured to be available for the purposes for which it is intended. Sec. 4. The "Counterpart Fund" and the said
Special Account shall be disposed of only as may be agreed upon between
the President of the Philippines and the duly authorized representative
of the United States in accordance with the provisions of the
legislation hereinabove mentioned and, in pursuance of a policy that
will provide insofar as possible the greatest good for the greatest
number of the Philippines people, promote economic opportunity, and
remove the cause of social discontent and unrest, giving preferential
treatment in consonance thereof to the following: Sec. 5. This Act shall take effect upon its
approval. Approved: April 27, 1951 |
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