PHILIPPINE LAWS, STATUTES AND CODES - CHAN ROBLES VIRTUAL LAW LIBRARY
REPUBLIC ACT NO. 3519 - AN ACT AUTHORIZING THE PRESIDENT, FOR AND IN BEHALF OF THE GOVERNMENT OF THE REPUBLIC OF THE PHILIPPINES, TO GUARANTEE SUCH LOANS AS MAY BE GRANTED BY THE EXPORT-IMPORT BANK OF WASHINGTON, D.C., OR ANY OTHER INTERNATIONAL BANK FOR THE ESTABLISHMENT OF AN INTEGRATED STEEL PLANT AT ILIGAN CITY AND FOR OTHER PURPOSES
1. Any provision of law to the contrary
notwithstanding, the President of the Philippines is hereby authorized
to guarantee absolutely or unconditionally, in the name and on behalf
of the Government of the Republic of the Philippines, the payment of
the loan or loans that may be granted by the Export-Import Bank of
Washington, D.C., or any other international bank, for the
establishment, management and operation of an integrated steel mill at
Iligan City, Philippines: Provided, however, That the amount of the
guaranty undertaken shall not exceed the sum of two hundred
seventy-five million pesos, Philippine currency.
Sec. 2. The President of the Philippines is also hereby authorized to designate by appointment in writing such other person as he shall select to exercise any or all the powers conferred upon the President of the Philippines by this Act.
Sec. 3. This Act shall take effect upon its approval.
Approved: June 19, 1963