Preamble
WHEREAS, there were pending before Congress prior to the promulgation of Proclamation No. 1081, dated September 21, 1972, certain urgent measures proposing amendments to Republic Act No. 3591, as amended: WHEREAS, the deposit insurance scheme has been adopted to generate more faith and confidence in the banking system and the Philippine Deposit Insurance Corporation, as an insurer of bank depositors, is entrusted not only with the vital role of protecting depositors from loss resulting from bank closures but also in helping develop a sound and stable banking system; and WHEREAS, the recommendations contained in the report on the Philippine financial system which have been accepted, with certain modifications by the monetary authorities, included among others, certain proposals geared toward ensuring the effectiveness of the Corporation in performing its assigned tasks; 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. 3591, as amended, as follows: