Preamble
WHEREAS, the Central Bank of the Philippines has been vested with the power to prescribe in consultation with the Securities and Exchange Commission, or change the purchase discount rates, fees and other charges of finance companies; WHEREAS, there is a need to vest upon the Central Bank of the Philippines the express authority to adopt a more flexible policy on such purchase discount rates, fees and other charges of finance companies that would be more responsive to the requirements of changing economic and social conditions. NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines, by virtue of the powers vested in me by the Constitution, do hereby decree and order the amendment of Republic Act No. 5980, as follows: