Preamble
WHEREAS, the current economic crisis amounts to a grave emergency which affects, the stability of the nation and requires immediate action; WHEREAS, in pursuance of the above goals, the Philippines has presented a National Economic Recovery Program to its foreign creditors, and in furtherance thereof, (i) a multinational arrangement had been agreed upon by the Philippines for the rescheduling of certain credits made, guaranteed or insured by foreign governments and their agencies, and (ii) the Philippines is currently negotiating with the international banking community for the establishment of a new credit facility of US $925 million, a revolving short-term trade credit facility in an aggregate amount equal to approximately US $3 billion, and the restructuring of certain foreign currency debts of public and private sectors owing to international banking and financial institutions and falling due from October 17, 1983 through December 31 1986 amounting in the aggregate to approximate US$5.8 billion; WHEREAS, the issuance of this Decree is an essential and necessary component of the National Economic Recovery Program formulated to meet and overcome the emergency; NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines, by virtue of the powers vested in me by the Constitution, do hereby direct and order;