Preamble
WHEREAS, it is a declared objective of the Government of the Republic of the Philippines to ensure the viability of the private corporate sector; WHEREAS, there is an imperative need to adopt and implement a program for the repayment of foreign currency debt obligations owed by Philippine private corporate sector borrowers in a manner consistent with the continuing viability of such companies and supportive of the Philippine economic recovery program; WHEREAS, it is recognized that such repayment program must essentially provide a system under which foreign exchange risk protection is furnished with respect to current and future maturities of private corporate sector foreign currency debt; WHEREAS, the Central Bank of the Philippines has been authorized under Presidential Decree No. 1961 in connection with the restructuring of Philippine foreign currency debt to adopt and implement, directly or through a subsidiary, a foreign exchange risk protection program. 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: