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WHEREAS, Presidential Decree No. 777, dated August 24, 1975, has changed the official fiscal year as heretofore followed which covered the period from July 1st of a given year to June 30th of the following year, to the twelve-month calendar period beginning from January 1st to December 31st of each year;

WHEREAS, Presidential Decree No. 777 has extended the current fiscal year nineteen hundred seventy-six to include the last half of nineteen hundred seventy-six from July 1st to December 31st, and has required that appropriate budgetary provision be made for the additional six month period;

WHEREAS, the current General Appropriations Decree provides appropriation only for the operation of the Government from July 1, 1975 to June 30, 1976;

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

SECTION 1. Appropriation of funds.—The sum equivalent to one-half (1/2) of all Current Operating Expenditures and Capital Outlays appropriations in Presidential Decree No. 733 for each agency is hereby appropriated out of any funds in the National Treasury not otherwise appropriated for the operation of the government of the Republic of the Philippines during the period from July 1st to December 31st, 1976: PROVIDED, That the amounts thus appropriated for capital outlays shall constitute a lump-sum for "Miscellaneous Capital Outlays" which is hereby created and shall be used to support capital requirements of such programs and projects of agencies as may be approved by the President.

SEC. 2. Personal Services and Special Budgets.—The itemization of appropriations for each agency appearing in Presidential Decree No. 733 and its accompanying Itemization of Personal Services are hereby made applicable for the period July 1st to December 31st, 1976. All lump-sum appropriations and special provisions for each agency, as well as all funds appearing in Presidential Decree No. 733 are hereby reauthorized, but only to the extent as provided in Section 1 hereof: PROVIDED, That all Special Budgets chargeable against said lump-sum appropriations in Presidential Decree No. 733 and which are herein reauthorized, are hereby made applicable also for the period from July 1st to December 31st, 1976.

SEC. 3. Continuing Capital Outlays.—Any provision of existing law to the contrary notwithstanding, the appropriations for capital outlays provided in this Decree which are actually released to the agencies concerned, shall be available for expenditure until the projects are completed.

SEC. 4. General Provisions.—The General Provisions in Presidential Decree No. 733 are hereby authorized to apply from July 1st to December 31st, 1976: PROVIDED, That the Commissioner of the Budget is hereby authorized to review the general provisions in Presidential Decree No. 733 and to propose to the President such provisions which are to be reauthorized, including new provisions: PROVIDED, FURTHER, That such General Provisions as may be approved by the President shall be considered part of this Decree.

SEC. 5. Rules and Regulations.—The Commissioner of the Budget is hereby authorized to promulgate rules and regulations for the implementation of this Decree, subject to the approval of the President of the Philippines.

SEC. 6. Effective Date.—This Decree shall take effect on July 1st, nineteen hundred and seventy-six.

Done in the City of Manila, this 18th day of March in the year of Our Lord, nineteen hundred and seventy-six.