Question & AnswerQ&A (Republic Act No. 2612)
The primary purpose of Republic Act No. 2612 is to authorize the President of the Philippines to negotiate and contract loans for financing a nationwide telecommunications expansion and improvement project to be handled by the Bureau of Telecommunications.
The President of the Philippines is authorized to negotiate and contract loans with the Export and Import Bank of Tokyo, Japan, or with any other foreign financial institutions or foreign manufacturing corporations or their duly authorized agents, in the name and on behalf of the Republic of the Philippines.
The maximum loan amount authorized under this Act shall not exceed twelve million dollars in currency of the United States of America, or its equivalent in other countries.
The President is authorized to guarantee absolutely and unconditionally, as the primary obligor and not as surety merely, the payment of the loans and the performance of all obligations undertaken pursuant to the loan agreements.
The Bureau of Telecommunications is responsible for handling the execution and subsequent operation of the nationwide telecommunications expansion and improvement project.
The installation of projects in municipalities and barrios requires the consent of the municipal council and barrio council concerned.
The committee, headed by the Deputy Auditor General and composed of other specified officials, is tasked to canvass prices of telecommunications equipment and recommend to the President the procurement by public bidding of equipment with the most favorable prices and quality.
No, agreements and payments made pursuant to them may be exempt from all taxes, contributions, and restrictions of the Republic of the Philippines, its provinces, cities, and municipalities.
No, telecommunications equipment and accessories of the latest model and brand new imported under this Act are exempt from all taxes, duties, fees, imposts, charges, contributions, and restrictions.
The peso counterpart fund shall be taken from economic development bonds issued under Republic Act Number One thousand and from other fund sources of the Republic of the Philippines.