REQUIRING THE APPROVAL OF THE PHILIPPINE TOURISM AUTHORITY ON CERTAIN DEVELOPMENT PROJECTS AND LOANS APPLIED FOR TO FINANCE THEIR CONSTRUCTION, ETC.

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, do hereby order and
decree:

SECTION 1. Any provision of existing laws, decrees, or
rules to the contrary notwithstanding, no development project for
tourism purposes shall be undertaken by any person without the prior
approval of the Philippine Tourism Authority, in accordance with the
policies and guidelines prescribed by the Department of Tourism.

SEC. 2. No loan or loans shall be extended by any financial
institution to any person to finance the establishment, construction,
rehabilitation, management and/or operation of any development project
for tourism purposes without the prior approval of the Philippine
Tourism Authority, in accordance with the policies and guidelines
prescribed by the Department of Tourism.

SEC. 3. The Board of the Philippine Tourism Authority shall
promulgate the necessary rules and regulations in accordance with the
policies and guidelines prescribed by the Secretary of Tourism to
implement and carry out effectively the purpose, spirit and objective of
this Decree.

SEC. 4. Any person violating or causing another to violate
any provision of this Decree or of the rules and regulations promulgated
by the Philippine Tourism Authority pursuant to the next preceding
section shall suffer the penalties provided under Section 4-B of
Presidential Decree No. 189, as amended.

SEC. 5. This Decree shall take effect immediately.

Done in the City of Manila, this 24th day of January, in the year
of Our Lord, nineteen hundred and seventy-four.