Preamble
WHEREAS, since the advent of the New Society, the country has experienced an unprecedented growth and expansion of the tourist industry, and has seen an influx into the Philippines of tourists, visitors, and businessmen from all parts of the world; WHEREAS, in addition, Manila has often been chosen the venue of international conferences and conventions; WHEREAS, these developments have created a serious shortage of suitable hotels and related tourist facilities in the country; WHEREAS, it has become imperative that additional hotels and related tourist facilities be provided to accommodate the projected increases in the volume of tourists, visitors, and businessmen coming into the country in the future; WHEREAS, the National Government, cognizant of the manifold benefits brought about by the continued expansion of the country's tourist industry, has made it a matter of national policy that the government financial institutions, including the Government Service Insurance System, shall help in the financing and otherwise in promoting the development and growth of local tourist facilities; WHEREAS, the Manila Hotel is located in one of the best sites for deluxe hotels in the country; WHEREAS, the present Manila Hotel which was constructed before the war is no longer adequate to provide accommodations to tourists, businessmen, and foreign visitors in accordance with accepted international standards; WHEREAS, it is more practical and economical to demolish either partially or wholly the present Manila Hotel building and to construct a new hotel equipped with facilities and amenities consistent with international standards; WHEREAS, the Government Service Insurance System owns approximately ninety-eight per cent (98%) of the shares of stock of the Manila Hotel Company, which owns the present building and part of the land where the Manila Hotel stands; WHEREAS, the International Monetary Fund and the International Bank for Reconstruction and Development have selected Manila as the venue for their annual conference in September, 1976, and a large number of government officials, central bankers, commercial and investment bankers, and other businessmen are expected to converge in Manila on that occasion, thus making it a matter of national priority to complete the new Manila Hotel by that time; WHEREAS, to give the Government Service Insurance System full flexibility in accomplishing its assigned task of financing and otherwise promoting plans for the construction and development of a new Manila Hotel, the existing Manila Hotel Company should be dissolved and liquidated: Provided, That the minority stockholders shall be adequately compensated for their shares; WHEREAS, the National Government is the registered owner to two (2) parcels of land which form an integral part of the Manila Hotel premises and which, in the opinion of architectural, engineering, and hotel experts, should be included as an integral part of the development plans of a new Manila Hotel; WHEREAS, said two (2) parcels of land are covered by TCT No. 67398, issued by the Register of Deeds of Manila. WHEREAS, the National Government, in consideration of its assigning the Government Service Insurance System the task of financing and otherwise promoting the development of the new Manila Hotel, and in order to consolidate the ownership of the premises of the Manila Hotel in one party, hereby cedes and transfers the abovestated parcels of land to the Government Service Insurance System to augment its Retirement Insurance Fund; WHEREAS, it is desirable for the Government Service Insurance System to have full authority to undertake the new Manila Hotel project under the most suitable legal arrangement, singly or in partnership with other entities, government or private; NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines, by virtue of the powers vested in me by the Constitution, and to assist the Government Service Insurance System in pursuing its assigned task of financing and otherwise promoting the development, construction and operation of new Manila Hotel, do hereby order and decree: