Preamble
WHEREAS, in the normal course of trading or handling of the interest-bearing securities issued by the Government, its political subdivisions, instrumentalities, and wholly owned Government corporations, it is understandable that some of the securities would be lost or stolen or so destroyed or defaced as to impair their value to the owners thereof; WHEREAS, while relief is available under Republic Act No. 1533 to owners of lost, stolen, destroyed or defaced interest-bearing securities which are not payable to bearer and which have not been so assigned as to become, in effect, payable to bearer, no remedy is provided for those holding bearer securities, except where such securities are lost or destroyed in the custody of the Government; WHEREAS, without any legal remedy, owners of lost, stolen, destroyed or defaced securities would not be able to recover their investments from which the Government has already profited; WHEREAS, in order to encourage and maintain the patronage and support by the public of the market for bearer government securities and for reasons of justice, fairness, and equity, relief should be afforded to owners of bearer securities which are lost, stolen, destroyed or defaced in their custody without had faith or gross negligence on their part. 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 the following as part of the law of the land.