Bill Type
House Bill
Congress Name
12th Congress of the Republic
Long Title
AN ACT AUTHORIZING LOCAL GOVERNMENT UNITS TO UTILIZE THEIR ANNUAL INTERNAL REVENUE ALLOTMENT (IRA) AS COLLATERAL TO INCUR INDEBTEDNESS WITH ANY GOVERNMENT OR PRIVATE FINANCIAL INSTITUTION AND FOR OTHER PURPOSES
Congress Author
VIOLAGO, ELEUTERIO R.
Date filed
August 27, 2001
Scope
NATIONAL
Urgent Bill
No

Legislative History

House Bill/Resolution NO. House Bill No. 2696, 12th Congress of the Republic
FULL TITLE : AN ACT AUTHORIZING LOCAL GOVERNMENT UNITS TO UTILIZE THEIR ANNUAL INTERNAL REVENUE ALLOTMENT (IRA) AS COLLATERAL TO INCUR INDEBTEDNESS WITH ANY GOVERNMENT OR PRIVATE FINANCIAL INSTITUTION AND FOR OTHER PURPOSES
ABSTRACT : This bill endeavors to provide part of the answer to the constant need of LGUs for money to finance, among others, their daily operation s and infrastructure needs. For LGUs to wait for the quarterly IRA releases as provided for by law may delay their response to ever-growing opportunities awaiting their respective localities. > It is the proposotion of this representation that LGUs be allowed to use thier share of their annual IRA as collateral to enable them to borrow funds from either government of private financial institutions for their development needs. However, such collateral must only be limited to the LGUs share of their annual IRA within the term of office for which they are elected.
PRINCIPAL AUTHOR/S : VIOLAGO, ELEUTERIO R.
DATE FILED : 2001-08-27
SIGNIFICANCE: NATIONAL
CO-AUTHORS (Journal Entries) :
1. Chatto (026 ) 2. Espino (035 )
3. Syjuco (055 )
ADMINISTRATION BILL? No
URGENT BILL? No
ACTIONS TAKEN BY THE COMMITTEE ON RULES
REFERRAL TO THE COMMITTEE ON LOCAL GOVERNMENT ON 2001-09-03

Abstract

This bill endeavors to provide part of the answer to the constant need of LGUs for money to finance, among others, their daily operation s and infrastructure needs. For LGUs to wait for the quarterly IRA releases as provided for by law may delay their response to ever-growing opportunities awaiting their respective localities. > It is the proposotion of this representation that LGUs be allowed to use thier share of their annual IRA as collateral to enable them to borrow funds from either government of private financial institutions for their development needs. However, such collateral must only be limited to the LGUs share of their annual IRA within the term of office for which they are elected.

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Note: Legislative history and other information accessed from Congress Legis. Information as of April 20, 2022.