Preamble
WHEREAS the general rescheduling, restructuring or refinancing of the external debt of the Philippines may call for the exclusion from the present ceiling on foreign borrowings of specific categories of external debt; WHEREAS such rescheduling, restructuring or refinancing program would likewise require guaranty by the Government for the external indebtedness of corporations including financial institutions, owned or contracted by the Government of the Republic of the Philippines; WHEREAS as a complementary measure, there would be a need to adjust correspondingly the ceiling the total amount of external debt which may be incurred or guaranteed by the Government; NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines, pursuant to the powers vested in me by the Constitution do hereby direct and order the amendment of Republic Act No. 4860, as amended, as follows: