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TO:	The Monetary Board and the Governor Central Bank of the Philippines

WHEREAS, the Philippines is a substantial gold producer and one of the gold exporting countries of the world;

WHEREAS, the increases in the price of gold in recent months has provided encouragement and impetus to domestic gold production ;

WHEREAS, the establishment in the Philippines of a refinery for refining gold to a fineness acceptable in gold trading centers, here or abroad, will further encourage domestic gold production  and economic  activity;

WHEREAS, considering its functions, objectives, and facilities, it would be appropriate for the Central Bank of the Philippines to establish such a gold refinery;

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, do hereby direct the Monetary Board and the Governor, Central Bank of the Philippines, to take all necessary steps for the establishment of a gold refinery, suitable in design and capacity for the needs of the country, as soon as practicable.

Done in the City of Manila, this 27th day of February, in the year of Our Lord, nineteen hundred and seventy-four