Philippine membership in International Fice Corp.

Section 1 authorizes the President of the Philippines or his representative to sign, on behalf of the Government of the Republic of the Philippines, the Article of Agreement of the International Finance Corporation.
The authorization in Section 1 applies to signing the Article of Agreement for Philippine membership.

Section 2 authorizes an appropriation for the Government of the Republic of the Philippines to pay for its subscription to the capital stock of the International Finance Corporation.
The authorized appropriation amount is three hundred thirty-two thousand P332,000.00 pesos.
Section 2 limits the authorized purpose of the appropriation to the subscription to the capital stock of the International Finance Corporation.

The law recognizes that the Executive Directors of the International Bank for Reconstruction and Development have approved, for submission to member governments, the articles of agreement of the proposed International Finance Corporation.
The law declares that the International Finance Corporation will assist in financing the establishment, improvement, and expansion of productive private enterprises in ways that contribute to development of member countries.
The law states that the Corporation’s investments are made in association with private investors and are without guarantee of repayment by the member governments concerned, in cases where sufficient private capital is not available on reasonable terms.
The law declares it is in the economic interest of the Republic of the Philippines to become a member of the International Finance Corporation.

Section 1 establishes the government signatory authority for the Article of Agreement.
Section 2 establishes the appropriation authorization and subscription funding requirement.
Section 3 governs the timing of effectivity by making the Act effective upon approval.