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
Year:
1958
Category:
Other
Date Approved:
June 13, 1958
Summary
Plain-language AI-assisted summary — not the official text. As of July 1, 2026. Read the full text below or on the official source.
This act amends specific sections of Republic Act No. 357 to increase the loan amount that the National Power Corporation can contract from international financial institutions to one hundred million dollars. The purpose is to enhance the financial capacity of the corporation to fulfill its objectives.Full Text
REPUBLIC ACT No. 2055
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
Be it enacted by the Senate and House of Representatives of the Philippine Congress Assembled:
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 2. Section five of Republic Act Numbered Three hundred fifty-seven is amended to read as follows:
Section 3. This Act shall take effect upon its approval.
Approved: June 13, 1958.
"Sec. 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. 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."
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