Republic Act No. 353

: The primary purpose of Republic Act No. 353 is to appropriate funds for the rehabilitation of domestic insurance companies in the Philippines.
: Republic Act No. 353 seeks to carry into effect Executive Order Numbered 107 dated April 20, 1946.
: Funds appropriated under this law shall be taken out of any funds in the National Treasury not otherwise appropriated.
: The President of the Philippines must authorize the investment, upon certification by the Secretary of Finance that the funds are necessary for the rehabilitation of domestic insurance companies, based on the recommendation of the Bank and Insurance Commissioner.
: The Secretary of Finance must certify that the amount involved is necessary for the rehabilitation of domestic insurance companies before funds can be made available for investment.
: The recommendation of the Bank and Insurance Commissioner is required.
: The amounts released shall be credited to the Government of the Republic of the Philippines' subscription to the capital stock of the Rehabilitation Finance Corporation.
: This Act took effect upon its approval on June 4, 1949.
: Yes, no amount should be set up or made available for investment unless previously authorized by the President of the Philippines with proper certification.
: It appropriates such sums as may be necessary out of existing funds in the National Treasury not otherwise appropriated for the purpose of rehabilitating domestic insurance companies.