An Act to Remit the Interest Which Accrued from January First, Nineteen Hundred and Forty-Two, to June Thirtieth, Nineteen Hundred and Forty-Six, on All Obligations Contracted by Provincial, City and Municipal Governments in Favor of the National Government or of Any of the Government-Owned or Controlled Corporations, and to Extend for a Period of Four Years and Six Months the Payment of Such Obligations

Be it enacted by the Senate and House of Representatives of the Philippine Congress Assembled:

Section 1. For the purpose of enabling the different provinces, cities and municipalities to stabilize their finances, all interests which accrued from January first, nineteen hundred and forty-two, to June thirtieth, nineteen hundred and forty-six, on all obligations contracted by provincial, city and municipal governments in favor of the National Government or of any of the government-owned or controlled corporations are remitted, and the period of payment of the amortization on the said obligations is hereby extended for a term of four years and six months counted from the due date of the respective obligations.

Section 2. This Act shall take effect upon its approval.1aшphi1

Approved: May 28, 1948.

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