Preamble
WHEREAS, there were pending before Congress prior to the promulgation of Proclamation No. 1081, dated September 21, 1972, certain bills proposing amendments to Republic Act No. 3779, entitled "Savings and Loan Associations Act"; WHEREAS, the recommendations resulting from an extensive survey and study of the financial system undertaken for the purposes of assessing its adequacy in Philippine economic growth, and of facilitating the savings-in vestment process in development have been accepted, with modifications by monetary authorities; and WHEREAS, savings and loan associations have proved to be a very effective instrument in encouraging the thrift-savings habit especially of small savers and in providing additional credit assistance to small scale entrepreneurs, home builders and consumers; NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines, by virtue of the powers in me vested by the Constitution as Commander-in-Chief of the Armed Forces of the Philippines, and pursuant to Proclamation No. 1081, dated September 21, 1972, and General Order No. 1, dated September 22, 1972, as amended, and in order to effect the desired changes and reforms in the social, economic, and political structure of our society, do hereby order and decree the amendment of Republic Act No. 3779, as amended, as follows: