Acceptance of IMF SDR Amendment Act

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Republic Act No. 6045: Acceptance of IMF SDR Amendment Act

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Title Supreme Court: Acceptance of IMF SDR Amendment Act

Law: Republic Act No. 6045

Decision Date: Aug 4, 1969

Republic Act No. 6045 grants the President of the Philippines the authority to accept an amendment to the Articles of Agreement of the International Monetary Fund, allowing the country to participate in the Special Drawing Rights facility and benefit from modified rules and practices.

participant obligations

inconsistent laws

A

Definition and Purpose of Special Drawing Rights (SDRs)

SDRs are international reserve assets created by the IMF to supplement its member countries' official reserves.
The facility for SDRs enhances financial cooperation and liquidity among IMF member countries.

Authority Granted to the Central Bank of the Philippines

The Central Bank of the Philippines is authorized to receive and hold SDRs allocated by the IMF.
It is empowered to perform all necessary acts to fulfill the obligations of the Philippines as a participant in the IMF's Special Drawing Rights Facility.
This includes compliance with the Articles of Agreement of the IMF and any related rules promulgated by the IMF.

Repeal of Inconsistent Laws

Any existing laws or parts of laws that conflict with the provisions of this Act are repealed to ensure legal consistency.

Effectivity Clause

The Act becomes effective immediately upon its approval on August 4, 1969.

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