Preamble
WHEREAS, Section 1 of Republic Act No. 245 provides that in order to meet public expenditures authorized by law or to provide for the purchase, redemption or refunding of any obligations, either direct or guaranteed, of the Philippine Government, the Secretary of Finance, with the approval of the President, after consultation with the Monetary Board, is authorized to borrow from time to time on the credit of the Republic of the Philippines such sum or sums as in his judgment may be necessary, and to issue therefor evidences of indebtedness of the Philippine Government; WHEREAS, under subsection (a) through (c) of the same section of the said Act, such evidences of indebtedness may be of the following types: "(a) Treasury bills issued on a discount basis and payable at maturity without interest. Treasury bills may be offered for sale either on a competitive basis or at a fixed rate of discount and may be made payable at any date not later than one year from the date of issue. "(b) interest-bearing certificates of indebtedness having maturities not exceeding eighteen months from the date of issue. "(c) Interest-bearing notes having maturities of not less than one nor more than five years from the date of issue." WHEREAS, the Government has continuously relied upon the borrowing authority vested in the Secretary of Finance under R.A. No. 245 in meeting the pressing demands upon the General Fund into the National Treasury whenever there is a short-fall in the revenue receipts of the Government; WHEREAS, under the present provisions of R.A. No. 245, the Secretary of Finance, with the approval of the President is vested with the authority to borrow from time to time for the purposes enumerated therein, is restricted from issuing other forms of government debt instruments or evidences of indebtedness having longer maturities and appropriate features because of the limitations prescribed in the aforementioned subsection (a) through (c) of Section 1 of the above mentioned Act; and WHEREAS, there is now a need for other types of government security issues designed in line with market requirements and made sufficiently attractive to suit the needs of various investor groups; 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 all 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, do hereby adopt and make as part of the laws of the land certain amendments to the provisions of Republic Act No. 245 entitled "An Act Authorizing the Secretary of Finance to Borrow to Meet Public Expenditures Authorized by law, and For Other Purposes" as follows: