Preamble
WHEREAS, there were pending before Congress prior to the promulgation of Proclamation No. 1081, dated September 21, 1972, urgent banking measures proposing amendments to Republic Act No. 4093, as amended, otherwise known as "The Private Development Banks' Act," which arc vital to the national development program of the Government; WHEREAS, an extensive survey and study of the banking and credit system had been undertaken for the purpose of assessing its adequacy in Philippine economic growth, and of facilitating the savings-investment process in development; and WHEREAS, the result of the survey was an integrated set of recommendations which were accepted, with modifications by the monetary authorities, and made the basis for this Decree to effect reforms in the banking system, and to render monetary and credit policies more responsive to the requirements of economic development; NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines, by virtue of the powers m 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. 4093, as amended, as follows: