Preamble
WHEREAS, while the interest rate is an important monetary and credit policy instrument, changes in interest rate ceilings should not cause undue hardships on the various sectors of the economy; WHEREAS, there may be a need under certain circumstance to effect changes in interest rate ceilings on a staggered basis; WHEREAS, contractual stipulations providing for adjustments in the interest rate agreed upon in the event that there is a change in the legal rate of interest should benefit Both the creditor and the debtor: NOW, THEREFORE , I, FERDINAND E. MARCOS , President of the Philippines, by virtue of the powers vested in me by the Constitution, do hereby declare and order the amendment of Act No. 2655, as amended, as follows: