Preamble
WHEREAS, the current economic crisis amounts to a grave emergency which affects the stability of the nation and requires immediate action; WHEREAS, the Philippine Export and Foreign Loan Guarantee Corporation plays a vital role in the promotion of the Philippine exports by providing a guarantee coverage for foreign obligations incurred by Philippine exporters; 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 order and Decree;