Preamble
WHEREAS, the Central Bank should be clothed with the necessary authority to tap low-cost medium and long-term funds from international and regional financial institutions for relending to approved development projects; WHEREAS, the availment of the funds obtained by the Central Bank under the Consolidated Foreign Borrowings Program should be made easier by having more conduit financial institutions through which said funds could be channeled and by liberalizing the constraints on borrowings by government-owned or controlled financial institutions; 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 Presidential Decree No. 1309, as follows: