PRESIDENTIAL DECREE No. 1036

: The main purpose of Presidential Decree No. 1036 is to provide for the acceptance by the Government of the Republic of the Philippines of the Second Amendment to the Articles of Agreement of the International Monetary Fund (IMF).
: The major reforms include significant changes on exchange arrangements, reduction of the role of gold in the monetary system, expansion of the possible uses of special drawing rights to make them the principal reserve asset, and simplification and expansion of the types of the Fund's financial operations and transactions.
: The President of the Philippines, by virtue of the powers vested in him by the Constitution, has the authority to accept amendments on behalf of the Philippines.
: The Second Amendment to the Articles of Agreement of the IMF and the March 1976 Report of the Executive Directors to the Board of Governors of the Fund are attached and made integral to the decree.
: Formal acceptance is required to be signified and expressed through an official act of the respective governments for the amendment to be valid and effective among member countries.
: The SDRs are expanded in their possible uses and are aimed to become the principal reserve asset in the international monetary system.
: Juan C. Tuvera, Presidential Assistant, acted on behalf of the President in the signing of the decree.
: It describes the changes as simplification and expansion of the types of the Fund's financial operations and transactions.