Preamble
WHEREAS, the proliferation of independent road transportation utility operators in Metropolitan Manila has not provided the commuting public with adequate and responsive service; WHEREAS, this condition cannot improve the urban public transport system when it tolerates destructive competition and other structural diseconomies in public utility operations rather than encourage or institute the integration, or consolidation of resources, management and operations to achieve economy and efficiency; WHEREAS, there is, then an urgent need for the Government to intervene and institute through an appropriate instrumentality the rationalization of the transportation system in Metropolitan Manila; 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 order and decree the creation and organization of a Manila Transit Corporation, to be governed by this decree and its by-laws in accordance with the following: