Preamble
WHEREAS, it is the policy of the Government to promote and develop a strong and stable insurance industry and to provide a favorable climate for its integration in all phases of the country's economic and social development; WHEREAS, in line with this policy, there is an urgent need to ensure and maintain the liquidity of insurance companies doing business in the Philippines and to coordinate their investment and credit policies with that of the Government having due regard to the principles adopted by both the monetary and fiscal authorities; and WHEREAS, the recommendations contained in the report on the financial system which have been accepted, with certain modifications, by the monetary authorities, included among others, certain proposals geared toward ensuring the liquidity of insurance companies doing business in the Philippines; 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 Act No. 2427, as amended, as follows: