AMENDING PRESIDENTIAL DECREE NO. 252 “AUTHORIZING THE CREATION OF A PHILIPPINE INTERNATIONAL TRADING CORPORATION, APPROPRIATING FUNDS THEREFOR, AND FOR OTHER PURPOSES”

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 therefore, and for Other Purposes”;

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:

SECTION 1. Paragraph 5 of Presidential Decree No. 252,
entitled “Authorizing the Creation of a Philippine International Trading
Corporation, Appropriating Funds Therefore, And For Other Purposes,” is
hereby amended to read as follows:

“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;”

SEC. 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.

SEC. 3. Repealing clause. — All laws, rules,
regulations which are inconsistent herewith are hereby repealed,
modified and/or amended accordingly.

SEC. 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.