Preamble
WHEREAS, Republic Act No. 4138, as amended, granted the San Luis Warehousing Corporation a franchise to construct, maintain and operate floating bonded warehouses and cold storage facilities in the Manila Bay and other navigable waters in the vicinity and providing guidelines for its operations; WHEREAS, ten years have since elapsed and nothing has been achieved by said corporation towards the fulfillment of its obligations under the said Act; WHEREAS, Recent worldwide economic trends and developments have proven that it is indispensable to have modern part facilities to ensure an efficient and less expensive system for the crating, hauling and transportation of bulk cargoes, goods and merchandises; and WHEREAS, the demand of continued economic growth and development of the nation require the immediate cancellation of the said franchise and the grant of the same to another deserving corporation; NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines, by virtue of the powers vested in me by the Constitution, do hereby decree and order: