AN ACT TO AUTHORIZE THE EXPENDITURE OF THE PROCEEDS OF A LOAN NOW BEING APPLIED FOR BY THE GOVERNMENT FOR THE CONSTRUCTION OF CERTAIN HYDRO-ELECTRIC POWER PROJECTS AND THE ERECTION OF A FERTILIZER PLANT.

[ REPUBLIC ACT No. 216, June 01, 1948 ]

AN ACT TO AUTHORIZE THE EXPENDITURE OF THE PROCEEDS OF A LOAN NOW BEING APPLIED FOR BY THE GOVERNMENT FOR THE CONSTRUCTION OF CERTAIN HYDRO-ELECTRIC POWER PROJECTS AND THE ERECTION OF A FERTILIZER PLANT.

Be it enacted by the Senate and House of Representatives of the Philippines in Congress assembled:

WHEREAS, for the purpose of giving impetus to industrial development and to aid agriculture, the Government has decided to develop certain hydro-electric power projects and erect a fertilizer plant;

WHEREAS, under Republic Act Numbered Sixteen, approved September eighteen, nineteen hundred and forty-six, the President has been authorized to obtain loans for rehabilitation and economic development purposes;

WHEREAS, it is necessary for the consideration by the Export-Import Bank of the United States or the International Bank for Reconstruction and Development or other credit institutions from which the said loan may be applied for to raise the funds needed to finance the projects above-mentioned that the Congress by law specifically appropriate the proceeds of said loan for the specific purposes for which the funds are intended: Now, therefore

Section 1. That the proceeds of the loan of one hundred seventy-six million pesos being applied for from the credit institutions herein-above named is hereby appropriated, if and when the same shall have been granted, for the following projects:

Section 2. This Act shall take effect upon its approval.

Approved, June 1, 1948.