Preamble
WHEREAS, commercial papers such as promissory notes, repurchase agreements, certificates of participation or assignment, commercial drafts, acceptances and similar instruments issued by persons, firms, or entities to obtain working capital in short-range maturities are not covered by the present registration requirement of the Securities and Exchange Commission; WHEREAS, the credit risk varies among this class of papers depending upon the financial standing of the particular issuer and the purchasing imentors having no means for extensive credit investigation primarily base their credit reliance upon the reputation of the commercial paper dealer; WHEREAS, the investing public must be given adequate and effective protection in availing the credit of the borrower in the commercial paper market by having the public evaluation of the worthiness of the paper and the capability of the issuer through the registration and or licensing of the debt instrument, the registration of the issuer/dealer and the regulation of the transaction. 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 that: