Extension of Payment Period
- The payment period for amortization of these obligations is extended.
- The extension is for a term of four years and six months.
- The extension period is counted from the original due date of each respective obligation.
Purpose and Scope
- The law aims to enable local governments to stabilize their finances.
- Applies specifically to provinces, cities, and municipalities in the Philippines.
- Covers obligations owed to the National Government or government-owned/controlled corporations.
Effectivity
- The law takes effect immediately upon approval.
- Provides immediate relief and financial rearrangement for local government units upon implementation.