Preamble
WHEREAS, setting the foundation for long-term growth has been and still continues to be the main thrust of the country's development effort; WHEREAS, substantial foreign financing at the least possible cost has to be continuously provided to maintain the momentum of economic growth that has already been established; WHEREAS, this objective can best be realized through an integrated approach, rather than individual uncoordinated approaches, to the international capital markets; WHEREAS, because of its unique position in the economy and its credit standing in the international capital markets, the Central Bank possesses the negotiating leverage essential to this borrowing strategy; WHEREAS, it is necessary to afford the Central Bank greater flexibility in its actions to enable it to undertake the borrowing and lending operations required to achieve this objective; NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines, by virtue of the powers vested in me by the Constitution, do hereby decree and order: