FURTHER AMENDING SECTION SEVEN OF PRESIDENTIAL DECREE NO. 550, AS AMENDED BY PRESIDENTIAL DECREE NO. 1080, INCREASING THE AUTHORIZED CAPITAL STOCK OF THE PHILIPPINE EXPORT AND F…

WHEREAS, the current economic crisis amounts to a grave
emergency which affects the stability of the nation and requires immediate
action;

WHEREAS, the Philippine Export and Foreign Loan Guarantee
Corporation plays a vital role in the promotion of the Philippine exports by
providing a guarantee coverage for foreign obligations incurred by Philippine
exporters;

WHEREAS, the issuance of this decree is an essential and
necessary component of the National Economic Recovery- Program formulated to
meet and overcome the emergency;

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;

SECTION 1. Section 7 of Presidential Decree No. 550 as
amended by Presidential Decree No. 1080, is hereby further amended to read as
follows:

“SEC. 7. Capital Stock-The authorized of the Corporation
shall be TEN BILLION PESOS (10,000,000,000) to be fully subscribed by the
Government of the Republic of the Philippines. For this purpose, such sum as may
be necessary hereby appropriated from any sums not otherwise appropriated in the
National Treasury. The Board may increase the authorized l stock of the
President of Philippines.”

SEC. 2. This Decree shall take effect immediately.

DONE in the City of Manila, this 11th day of January, in the year of Our
Lord, nineteen hundred and eighty-five.