Preamble
WHEREAS, it is the policy of the Government to encourage and preserve the confidentiality of deposits in banking institutions; WHEREAS, it is necessary that the powers granted to the Securities and Exchange Commission to appoint management committees and receivers for all corporations do not overlap with the power of supervision and regulation granted by law to other government agencies and that the power of the Commission to issue subpoena duces tecum and other related powers should not impinge on the policy of confidentiality of bank deposit's; NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines, by virtue of the powers vested in me by the Constitution, do hereby order the amendment of Presidential Decree No. 902-A, as amended, as follows: