WHEREAS, it
is necessary to further sustain the national economic growth through
the Philippine International Trading Corporation by amending
Presidential Decree No. 252, entitled "Authorizing the Creation of a
Philippine International Trading Corporation Appropriating Funds
therefor, and for Other Purposes"; chanroblesvirtualawlibrary
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 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, do hereby order and decree
that:cralaw:red
Section 1. Paragraph 5 of Presidential Decree No.
252, entitled "AUTHORIZING THE CREATION OF A PHILIPPINE INTERNATIONAL
TRADING CORPORATION, APPROPRIATING FUNDS THEREFOR, AND FOR OTHER
PURPOSES", IS HEREBY amended to read as follows:cralaw:red
"WHEREAS, while developed economies have long relied on large trading
houses, our economy has yet to adopt and benefit from such a trade
assistance scheme;"
Section 2. Section 5 of Article III of the same
decree is hereby deleted and Sections 6, 7, 8, 9, 10, 11, 12, 13, 14,
15, 16, 17, 18, 19 and 20 are hereby renumbered as Sections 5, 6, 7, 8,
9, 10, 11, 12, 13, 14, 15, 16, 17, 18 and 19. chanroblesvirtualawlibrary
Section 3. Repealing Clause. — All laws, rules,
regulations which are inconsistent herewith are hereby repealed,
modified and/or amended accordingly.
Section 4. Effectivity. — This Decree shall take
effect immediately.
DONE in the City of Manila,
this 22nd day of December, in the year of Our Lord, nineteen hundred
and seventy-three.
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