Preamble
WHEREAS, in furtherance of the National Economic Recovery Program, the Philippines has agreed to a multi-national arrangement for the rescheduling of credits made, guaranteed or insured by foreign governments and their agencies; WHEREAS, under bilateral agreements being negotiated with or to be concluded with some creditor countries, foreign currency obligations of public sector obligors other than the National Government and of private sector obligors guaranteed by government corporations have to be assumed by. and consolidated with the foreign currency obligations of the National Government; WHEREAS, the issuance of this Decree is an essential and necessary component of the National Economic Recovery Program formulated to meet and overcome the current economic crisis: NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines, by virtue of the powers vessed in me by the Constitution, do hereby directs and order the amendment of Section 13 Presidential Decree No. 1961 to read as follows: