Preamble
WHEREAS, the Philippine Deposit Insurance Corporation, as insurer of bank deposits, is entrusted with the vital role of protecting depositors from loss resulting from bank closures and in helping develop a sound and stable banking system; WHEREAS, the Corporation is empowered under its Charter to borrow from the Central Bank for insurance purposes such amounts not exceeding the aggregate amount of P100 million at any one time; WHEREAS, the Corporation has been resorting to its authority to borrow from the Central Bank in the payment of insured deposits; WHEREAS, considering that deposits covered by the Corporation have considerably increased in recent years there is a need to remove the ceiling on the Corporation's borrowings from the Central Bank; 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: