Preamble
WHEREAS, Section 6 and 12 of Republic Act No. 1789, as amended, require private end-users of reparations goods and services to put up collaterals sufficient to cover the cost thereof and/or the amount of their restructured accounts; WHEREAS, said sections of the law further require private end-users to pay an interest of 12% per annum on the cost of the goods and services payable in installments and/or the amount of their restructured accounts; WHEREAS, said private end-users find it difficult to comply with said requirements considering that they also have to obtain further financing from other sources for the putting up and operation of their projects; WHEREAS, a relaxation of said requirements would greatly help private end-users in the successful prosecution of their projects, thus enabling them to contribute to the economic progress of the country; and WHEREAS, it is the policy of the Government to assist and promote private industry to enable them to help in the building up of the national economy. 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 amendment of Sections 6 and 12 of Republic Act No. 1789, as amended, as follows: