AMENDING PRESIDENTIAL DECREE NO. 492, AS AMENDED, ENTITLED “CREATING THE METRO MANILA TRANSIT CORPORATION, APPROPRIATING THE FUNDS THEREFOR AND FOR OTHER PURPOSES.

WHEREAS, under Presidential Decree No. 492, dated 27 June
1974, as amended by Presidential Decree No. 860, and 1168, it has been declared
to be the policy of the state to rationalize and integrate public transportation
services;

WHEREAS, to attain this objective, the Metro Manila Transit
Corporation was created with a capital stock divided into Three Million
(3,000,000) shares to be subscribed and paid for by the Government in the total
sum of Ten Million Pesos (P10,000,000) while the remaining One Million
(l,000,000) shares are to be sold to persons or entities operating public
utility vehicles in Metro Manila;

WHEREAS, the paid-in capital of Ten Million Pesos
(P10,000,000), although increased by Fifteen Million Pesos (P15,000,000) under
Presidential Decree No. 1168, representing the total subscription of the
government to the capital stock of the corporation is still inadequate to enable
the corporation to achieve the objectives for which it was created;

WHEREAS, it is imperative that the corporation be provided
with additional funds to continue operations and to carry out its mission;

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 4 of Presidential Decree No. 492, as
amended, is hereby amended further to read as follows:

“SEC. 4. Authorized Capital Stock,
Appropriation.—The Corporation shall have a capital stock divided into
twenty-six million voting and no par value shares of which twenty-five million
shares shall be subscribed and paid for by the Government of the Republic of the
Philippines. For this purpose, the amount of One Hundred Twenty-Five Million
Pesos is hereby appropriated from the general funds, to be applied to the full
payment of twenty-five million shares subscribed by the government. The schedule
of releases shall be approved by the President of the
Philippines.”

SEC. 2. This Decree shall take effect immediately.

Done in the City of Manila, this 11th day of June in the year of Our Lord,
nineteen hundred and seventy-eight.

			(Sgd.) FERDINAND E. MARCOS President of the Philippines
	By the President:
	(Sgd.) JACOBO C. CLAVE
		Presidential Executive Assistant