Whereas Clauses. WHEREAS, under Section 1 of R. A. 1000, as amended, the President of the Philippines, "upon recommendation of the Secretary of Finance, the Monetary Board and the National Economic and Development Authority," is authorized to issue, preferably in the Philippines or abroad if necessary, in the name and in behalf of the Republic of the Philippines bonds, including lottery bonds, in an amount not exceeding two billion pesos for socio-economic development;

WHEREAS, the present economic and social development plans entail massive financing not only from foreign sources but also from domestic borrowings to meet the peso counterpart funds required to sustain the various foreign-assisted projects of the Government designed to enhance economic growth;

WHEREAS, the balance out of the ceiling of two billion pesos fixed for domestic borrowings under the present law is considered insufficient to continuously support the Government's overall development plans;

NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines, by virtue of the powers vested in me by the Constitution, do hereby order and decree