AUTHORIZING STOCK TRANSACTIONS BY MEMBERS OF AN OPERATING STOCK EXCHANGE THROUGH MEMBERS OF ANY OTHER OPERATING STOCK EXCHANGES WHEN NECESSARY TO EXECUTE CUSTOMERS’ ORDERS.

WHEREAS, the purchase and sale of sizable block of
securities require time if done only in one stock exchange, particularly if the
market is not bullish. Moreover, it tends to weaken the price of the
security;

WHEREAS, the best interest of the seller and the buyer of
securities will be served if more than one broker handle the transaction if the
same is carried out in any or all the operating stock exchanges; and

WHEREAS, to infuse more interest among investors in the
stock market and help create a healthier investment climate, it is necessary
that transactions affecting listed securities be spread out among as many people
as could handle the same profitably with a view to promoting an active market
and not dampen it;

NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the
Philippines, by virtue of the powers vested in me 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 as part of the law of
the land, the following:

SECTION 1. Any provision of law or decree to the contrary
notwithstanding, any and all brokers of an operating stock exchange are hereby
authorized to transact and/or execute orders through members of any other
operating stock exchanges when necessary in the interest of customers, pursuant
to such terms and conditions as may be mutually agreed upon between the
executing brokers: Provided, That the customer shall not pay more than
the authorized commission, and an appropriate report on the matter is submitted
to the Securities and Exchange Commission.

SEC. 2. The Securities and Exchange Commission is hereby
authorized to promulgate such rules and regulations as may be necessary to
implement this Decree, and to impose fines, suspension or revocation of license
of the guilty party for any violation thereof, as provided under
existing laws.

SEC. 3. Any and all laws, decrees, rules or regulations
contrary to, or in conflict with, any provisions of this Decree are hereby
repealed or modified accordingly.

SEC. 4. This Decree shall take effect immediately.

Done in the City of Manila, this 30th day of August, in the year of Our Lord,
nineteen hundred and seventy-three.

			(Sgd.) FERDINAND E. MARCOS President Republic of the Philippines
	By the President:
	(Sgd.) ROBERTO V. REYES
		Assistant Executive Secretary