Appropriation and Authorized Uses of Released Funds
- The funds transferred to the National Treasury are appropriated for specific governmental uses only.
- These include covering deficits from prior appropriations related to recognized government financial obligations.
- Rehabilitation and construction of irrigation projects are authorized uses.
- Funds may be used for expropriation payments related to new capitol site acquisition and development, including construction of public buildings approved by the Capitol and Public Buildings Commission.
- Development of water power and related industrial enterprises is included.
- Financing the purchase and resale of agricultural or residential lands aimed at benefiting actual occupants or tenants.
- Promoting industrial expansion or establishing new industries vital for national economic development.
- Supporting resettlement initiatives similar to those by the National Land Settlement Administration.
- Providing advances to the Rehabilitation Finance Corporation for rehabilitation and development loans.
- Financing construction of housing specifically for laborers and low-income workers.
Presidential Reporting Obligations to Congress
- The President is required to submit a detailed report to Congress each regular session.
- This report must account for the amounts paid by the Central Bank into the National Treasury under this Act.
- It must also specify the allocation of these funds to the enumerated purposes outlined in Section 2.
- The reporting timeline is within ten days after the start of each regular session of Congress.
Effectivity Clause
- The Act took effect immediately upon its approval on June 15, 1948.
- Compliance with these provisions began from the date of effectivity allowing operationalization of the fund transfers and appropriations.