Preamble
WHEREAS, it is the policy of the Government to make Manila one of the financial centers of this region; WHEREAS, the holding of conferences of international financial and economic institutions in Manila is a concrete manifestation of its recognition by the international financial community as a financial center of this region; WHEREAS, the most prestigious of the international financial conferences is the joint annual meetings of the Board of Governors of the International Monetary Fund (IMF) and the World Bank (IBRD) held outside Washington, USA, every third year; WHEREAS, a decision on the part of the two institutions to hold a joint conference of their organizations in Manila would go a long way towards establishing Manila as a financial canter of Asia; WHEREAS, other inter-governmental bodies and specialized agencies of the United Nations have expressed their desire to hold their conferences in the Philippines. WHEREAS, Manila at present lacks the facilities from the standpoint of adequacy to meet the requirements of the conferences of such international institutions; WHEREAS, the Central Bank of the Philippines, as the principal institution through which the IMF and IBRD with the Philippine Government and this country, is in the best position to cause the necessary arrangements to be made. NOW, I, FERDINAND E. MARCOS, President of the Philippines, by virtue of the powers vested in me by the Constitution, do hereby decree and order the following as part of the law of the land: