Preamble
WHEREAS, the Bureau of Public Highways had purchased under the "deferred payment plan," guaranteed by the Philippine National Bank, several types of heavy construction equipment for the infrastructure program of the Government; WHEREAS, the amortization of these equipments in accordance with the amortization schedule was expected to be financed from the proceeds of rentals collected for their use mid other appropriations that may later be made available; WHEREAS, the proceeds from equipment rentals are also being partly used for the maintenance and repair of these equipments, and the balance thereof is not sufficient to cover the periodic amortizations in accordance with the schedule of payment; WHEREAS, because of the insufficiency of rentals derived from the use of these equipments and the lack of appropriation to amortize their cost in accordance with the amortization plan, the interest on the unpaid obligation that has accrued and compounded has increased; and WHEREAS, in order to be able to liquidate this obligation to minimize the interest thereon and in order that the proceeds from rentals of equipment could be used solely for the maintenance and repair of these equipments, it is necessary to provide adequate funds therefor; 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, do hereby promulgate and decree: