Declaration of Policy.
Section 2
SEC. 2. Declaration of Policy. — It is hereby declared the policy of the State to: Recognize the indispensable role of the private sector, to encourage private enterprise, and to provide incentives to needed investments; Promote economic development pursuant to the socioeconomic program of the government, to expand industrial and agricultural growth, to encourage the establishment of more private thrift banks in order to meet the needs for capital, personal and investment credit or medium- and long-term loans for Filipino entrepreneurs; Encourage and assist the establishment of thrift bank system which will promote agriculture and industry and at the same time place within easy reach of the people the medium-and long-term credit facilities at reasonable cost; Encourage industry, frugality and the accumulation of savings among the public, and the members and stockholders of thrift banks; and Regulate and supervise the activities of thrift banks in order to place their operations on a sound, stable and efficient basis and to curtail or prevent acts or practices which are prejudicial to the public interest.