Republic Acts1 min read
Section 7June 11, 1996, Sec./Art. 7
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Applicability. - This Act shall apply to ODA loans and loans and grants contracted on or after 1 January 1995.
Notwithstanding the exclusion of ODA loans as prescribed in Section 3 hereof from the debt ceiling of Ten billion US dollars (US$10B) prescribed in Section 2 of Republic Act No. 4860, as amended by Presidential Decree No. 1939, nothing contained in this Act shall be interpreted to mean that whatever ODA loans that are within the debt ceiling of Ten billion US dollars (US$20B) can be substituted or replaced by non-ODA loans.
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