Preamble
WHEREAS, there are existing firms, the majority interest in which is owned by foreigners, which have made substantial contribution to capital formation in the Philippines during the past decades; WHEREAS, the said firms are deterred by present statutory constraints on citizenship from continuing to engage in the guaranteed underwriting of securities; WHEREAS, the said firms possess the resources and expertise to contribute significantly to increased capital formation in the country; NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines, by virtue of the powers in me vested by the Constitution, do hereby decree and order: