Preamble
WHEREAS, it is the policy of the Government to utilize all reparations payments from Japan in such manner as shall assure the maximum possible economic benefit to the Filipino people; WHEREAS, it has been shown that majority of reparations end-users in the private sector have failed to properly utilize the reparations goods and/or services received by them, and to pay the amortizations thereon as they fall due, thus resulting in huge arrearages to the detriment of the Philippine economy; and WHEREAS, such failure of the end-users in the private sector to comply with their obligations is mainly due to the very low rates of interest being charged under the existing law; NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines, by virtue of the powers in me vested 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 utilization and disposition of reparations so as to assure the maximum possible economic benefit to the Filipino people, and in order to augment the limited government resources available for public projects, do hereby order and decree the amendment of Republic Act Numbered 1789, as amended, as follows: