Preamble
WHEREAS, in line with the objectives of rapid economic growth, it is necessary for the Government to provide massive credit financing for the development and expansion of industry and agriculture; WHEREAS, the Development Bank of the Philippines is one of the primary agencies of the Government which provides credit facilities for economic development; WHEREAS, under its Charter (Republic Act No. 2081, as amended) the Development Bank of the Philippines has an authorized capital of P2 billion fully subscribed by the Government of which only P408.7 million has been paid; and WHEREAS, in accordance with the findings of the Performance Evaluation Team which conducted an audit of the financial affairs and operations of the Development Bank of the Philippines pursuant to Presidential Memorandum Order No. 247, Series of 1971, it is desirable to increase the capital stock and paid-up capital of the said Bank to enable it to sustain the credit requirements of a rapidly expanding economy; NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines, by virtue of the powers in me vested by the Constitution as Commander-in-Chief of all the Armed Forces of the Philippines, and pursuant to Proclamation No. 1081, dated September 21, 1972, and General Order No. 1, dated September 22, 1972, as amended, and in order to effect the desired changes and reforms in the social, economic, and political structures of our society, do hereby order and decree the amendment of Republic Act No. 2081, as amended, as follows: