Preamble
WHEREAS, in the pursuit of economic growth and development, it has become imperative for the Republic of the Philippines to enter into contracts or transactions with international banking, financial and other foreign enterprises; WHEREAS, recognizing this need, existing legislations expressly authorize the Republic of the Philippines to contract foreign obligations, including borrowings in foreign currency, and to guarantee foreign obligations of corporations and other entities owned or controlled by the Government of the Philippines; WHEREAS, circumstances in the international market may require that sovereign states entering into contracts or transactions make express waivers of sovereign immunity in connection with such contracts or transactions; WHEREAS, it is in the national interest that a procedure be prescribed with respect to the waiver of sovereign immunity of the Republic of the Philippines in respect of international contracts or transactions entered into by it; NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Republic of the Philippines, by virtue of the powers vested in me by the Constitution, do hereby order and decree: