Preamble
WHEREAS, it is the responsibility of the Central Bank of the Philippines to administer the monetary, banking and credit system of the Republic, and as the central monetary authority, to provide policy direction in the areas of money, banking and credit; WHEREAS, monetary, banking and credit policies should be more responsive to the requirements of economic development; WHEREAS, the Central Bank should be given greater flexibility in the use of its credit facilities to meet the demands of economic development; 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 Republic Act No. 265, as amended, as follows: