Preamble
WHEREAS, the Government is vigorously engaged in a continuing program of reconstruction and development of infrastructure facilities, food production, and industrialization; WHEREAS, for this purpose, the Government has presented, and will continue to present before financial institutions specific proposals for the funding of both public and private sector projects; WHEREAS, availment of financial assistance from these institutions to be able to undertake these priority projects would require responsible foreign borrowing legislation; NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines, by virtue of the powers in me vested by the Constitution as Commander-in-Chief of all the Armed Forces of the Philippines, and pursuant to Proclamation No. 1081, dated September 21, 1972, and General Order No. 1, dated September 22, 1972, as amended, in order to assure a sustained and accelerated implementation of its development program do hereby order to amend further R.A. 4860, as amended, and to adopt this Decree as part of the law of the land.