Preamble
WHEREAS, pursuant to Section 12 of Article XVII of the 1973 Constitution, as amended, and other pertinent provisions of the said Constitution, Presidential Decree No. 1677-A was promulgated on February 19, 1980, to provide for a system of review of all contracts, concessions, permits or other forms of privilege for the exploration, development, exploitation or utilization of natural resources; all franchises for public utilities; foreign exchange borrowings converted into pesos, otherwise known as Central Bank rediscounting arrangements; titles to land; and other forms of contract entered into by the government or any of its subdivisions, agencies or instrumentalities, including government-owned or controlled corporations; WHEREAS, it is proper and necessary that the system of review by the President of contracts, franchises, permits and other forms of state grant, as prescribed under Presidential Decree No. 1677-A, dated February 19, 1980, be continued; NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines, by virtue of the powers vested in me by the Constitution, do hereby order and decree: