PROVIDING FOR THE AUTOMATIC LISTING OF SECURITIES IN ALL STOCK EXCHANGES

WHEREAS, it is the declared policy of the State, embodied in
the New Constitution, to promote the wider distribution of property
ownership and profits;

WHEREAS, the stock exchanges provide the best possible
means not only for the broadening of public participation in business,
industry, and in the development of our natural resources, but also for
the capital formation so necessary for our economic development;

WHEREAS, trading in securities has so far been limited to
the exchanges designated or chosen by the issuing companies; and

WHEREAS, to encourage and facilitate the diffusion of
property ownership and profits, and for the protection of the investing
public, investors should be given the opportunity to buy and sell
securities at the stock exchanges of their choice;

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 that:

SECTION 1. Any and all securities approved by the Securities
and Exchange Commission (SEC) for listing in any stock exchange are
deemed automatically listed for trading in all stock exchanges in the
Philippines: Provided, however, That this rule shall not apply
to any new stock exchange until it has the necessary facilities and
competence to operate as a stock exchange as determined by the SEC; And,
Provided, further, That the SEC shall have the power, after proper
notice and hearing, to deny or revoke the automatic listing of the
security in any stock exchange upon any grounds provided for the
revocation or suspension of registration of securities under Section 12
of the Securities Act, and pending such hearing, to suspend the
automatic listing of such security.

SEC. 2. The SEC, with the approval of the Secretary of Trade
and Tourism, shall promulgate such rules and regulations as may be
necessary to implement this Decree.

SEC. 3. Any provision of law, rule or regulation contrary
to, or in conflict with, this Decree is hereby repealed or modified
accordingly.

This Decree is hereby made a part of the law of the land and shall
take effect immediately.

Done in the City of Manila, this 2nd
day of April, in the year of Our Lord, nineteen hundred and
seventy-three.