Preamble
WHEREAS, under existing legal framework, the Central Bank has the authority to examine all records of banks in the discharge of its responsibilities under the Central Bank Charter; WHEREAS, the prohibition against inquiry into bank deposits adversely delimits the examining authority of the Central Bank; WHEREAS, limited examination powers operate against effective supervision of banks and endangers the safety of deposits which may affect the public's faith in the banking system. NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines, by virtue of the powers in me vested by the Constitution, do hereby decree and make the following part of the law of the land: