Title
Amendment to R.A. No. 1000 on Govt. Bonds
Law
Presidential Decree No. 141
Decision Date
Mar 2, 1973
Presidential Decree No. 141 allows the issuance of bonds to fund non-self-liquidating projects with high social and economic rates of return in the Philippines, aiming to accelerate economic development and provide basic social and economic infrastructures and facilities.
amending
bonds
finance
A

Q&A (PRESIDENTIAL DECREE NO. 141)

Yes. Investments by provinces, cities, and municipalities are limited by their paying capacity, which must be certified by the Secretary of Finance, and the probable income from such projects must be considered.

Not more than five percent of the bond issue shall be used to pay government obligations, loans, and advances guaranteed by the National Government made by government-owned or controlled financial institutions (other than the Central Bank) that cannot be met on maturity.

The Secretary of Finance, in consultation with the Monetary Board, may prescribe the form, rate of interest, denominations, maturities, negotiability, convertibility, call and redemption features, and all other terms and conditions of issuance, placement, sale, servicing, redemption, and payment of the bonds.

The Secretary of Finance may adopt a lottery bond scheme where bondholders are eligible for drawing by lot at specified times with awards or prizes given in addition to or in lieu of interest. Similarly, the lottery principle may apply for bond redemption before maturity.


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