Preamble
WHEREAS, there were pending before Congress prior to the promulgation of Proclamation No. 1081, dated September 21, 1972, urgent banking measures proposing amendments to Republic Act No. 3518, entitled "An Act Creating the Philippine Veterans Bank and for Other Purposes" which are vital to the national development program of the Government; WHEREAS, one of these priority measures is the bill seeking to amend the Charter of the Philippine Veterans Bank defining the manner of electing the members of the Board of Directors; WHEREAS, it is necessary to effect reforms in the bank's operation and to revitalize its structure as an important instrument to promote the national development program of the Government; WHEREAS, the Court's decision which is final and executory has ordered the election of the members of the Board of Directors on the 2nd Tuesday of July 1973; WHEREAS, a study has been made for the purpose of remedying the impossibility of notifying and gathering in one single place the 510,000 veterans for the purpose of electing the members of the Board of Directors, the tremendous expenses involved, aside from the problems it will create before, during and after the annual meeting of the stockholders; and WHEREAS, the result of the study was an integrated set of recommendations which were accepted by the veterans leaders, with modification by the Veterans Bank, and made the basis for this Decree to effect the reforms in the banking system and to render monetary and credit policies more responsive to the requirement of economic development of the veterans of the country; NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines, by virtue of the powers vested in me 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 structure of our society, do hereby order and decree the amendment to Republic Act No. 3518 as follows: