Question & AnswerQ&A (Republic Act No. 11149)
The main purpose of Act No. 988 is to appropriate a loan of twenty thousand pesos to the Province of La Union for the general expenses of its provincial government.
The loan amount is to be paid to the treasurer of the Province of La Union.
The treasurer must present to the Treasurer of the Philippine Islands a certified copy of a resolution from the provincial board of La Union accepting the loan.
The funds come from any unappropriated funds in the Insular Treasury.
The loan is to be repaid without interest on or before January 1, 1905.
No, the loan is to be repaid without interest.
The Philippine Commission enacted Act No. 988.
The Act took effect immediately upon its passage on November 9, 1903.
Section 3 states that the public good requires the speedy enactment, and the passage is expedited in accordance with section two of the Act prescribing the order of procedure of the Commission in the enactment of laws passed on September 26, 1900.
The loan is to be expended by the provincial board for the general expenses of the provincial government.