Preamble
WHEREAS, under Presidential Decree Numbered 492 dated 27 June 1974, as amended, it has been declared to be the policy of the state to rationalize and integrate public transportation services; WHEREAS, to implement this state policy, the Metro Manila Transit Corporation was created and further expanded; WHEREAS, in view of the magnitude of its financial obligations, there is a need to undertake a financial rehabilitation program for the Metro Manila Transit Corporation which mandates additional government support; WHEREAS, the authorized capital stock and subscription of the government in the Metro Manila Transit Corporation of One Hundred Twenty Five Million (P125,000,000.00) is still inadequate for these purposes; NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Republic of the Philippines by virtue of the powers vested in me by the Constitution, do hereby order and decree: