PRESIDENTIAL DECREE No. 1283

AMENDING PRESIDENTIAL DECREE NO. 175

WHEREAS, the goal of increasing the income and purchasing power of the low-income sector of the population can be achieved with cooperatives investing in rural banks;

WHEREAS, banking operations of cooperatives should be under the supervision of the Central Bank;

NOW, THEREFORE, I, FERDINAND E. MARCOS, Presidential of the Philippines, by virtue of the powers vested in me by the Constitution, do hereby decree and order the following:

Section 1. Section 8 of Presidential Decree No. 175 is hereby amended by adding the following paragraph after sub-paragraph (j):

Any provisions of law to the contrary notwithstanding the Monetary Board of the Central Bank shall have exclusive responsibility and authority over the banking functions and operations of cooperative banks.

Section 2. This Decree shall take effect immediately.

DONE in the City of Manila, this 16th day of January, in the year of Our Lord, nineteen hundred and seventy-eight.