Administrative Order No. 347, April 26, 1961

AUTHORIZING THE CENTRAL BANK OF THE PHILIPPINES TO ACT AS DEPOSITORY TO RECEIVE AND HOLD NOTES FOR THE ACCOUNT OF, AND SUBJECT TO, THE ORDER OF THE INTERNATIONAL DEVELOPMENT ASSOCIATION (IDA)

WHEREAS, pursuant to the provisions of Republic Act No. 2687, the Republic of the Philippines has decided to become a member of the international Development Association (IDA);

WHEREAS, the International Development Association requires evidence of the Central Bank's authority from the Philippine Government to act as depository for said Association;

NOW, THEREFORE, I, CARLOS P. GARCIA, President of the Philippines, by virtue of the powers vested in me by law, do hereby authorize the Central Bank of the Philippines to act as depository to receive and hold notes for the account of, and subject to the order of, the International Department Association (IDA).

Done in the City of Manila, this 26th day of April, in the year of Our Lord, nineteen hundred and sixty-one, and of the Independence of the Philippines, the fifteenth.

(Sgd.) CARLOS P. GARCIA

President of the Philippines

By the President:

(Sgd.) NATALIO P. CASTILLO

Executive Secretary