Preamble
WHEREAS, commercial paper issues are instruments for mobilizing funds in developed capital markets as well as developing capital markets; WHEREAS, commercial paper issuance either through direct savings investment process or throng financial intermediaries have monetary and credit implications; WHEREAS, Presidential Decree No. 573 requiring the registration of commercial paper issues by the Securities and Exchange Commission in accordance with rules which said decree requires to be approved by the Monetary Board of the Central Bank of the Philippines which was then granted concurrent power of enforcement of the rules; % WHEREAS, the intention is to infuse into the mere procedural registration responsibility of the Securities and Exchange Commission the wider implication of monetary and credit policies of the Monetary Board. 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 that: