An Act Appropriating Such Sums as May from Time to Time be Released by the Central Bank Representing Excess Monetary Reserves, and Authorizing the President of the Philippines to Issue Bonds, Certificates or Other Evidences of Indebtedness Covering Such Amounts

REPUBLIC ACT No. 266

An Act Appropriating Such Sums as May from Time to Time be Released by the Central Bank Representing Excess Monetary Reserves, and Authorizing the President of the Philippines to Issue Bonds, Certificates or Other Evidences of Indebtedness Covering Such Amounts

Be it enacted by the Senate and House of Representatives of the Philippine Congress Assembled:

Section 1. Subject to the provisions of section one hundred and thirty-seven of Republic Act Numbered Two hundred and sixty-five, otherwise known as the Central Bank Act, the Central Bank shall from time to time turn over to the Treasury of the Philippines such sums as the Monetary Board of the Central Bank may consider in excess of the currency reserves essential to the maintenance of the stability and convertibility of the currency. The President of the Philippines may in his discretion issue bonds, certificates or other evidences of indebtedness at such rates of interest as may be agreed upon between him and the Monetary Board to cover the amounts so released and paid to the National Treasury.

Section 2. Such sums as may from time to time be released and paid to the National Treasury in accordance with the preceding section are hereby appropriated for the following purposes:

Section 3. It shall be the duty of the President to report to the Congress within ten days after the beginning of each regular session the amounts paid by the Central Bank into the National Treasury, in accordance with the provisions of this Act, as well as the amounts set aside by him for each and all of the subjects of appropriation enumerated in the preceding article.

Section 4. This Act shall take effect upon its approval.

Approved: June 15, 1948.