On September 21, 1977, President Ferdinand E. Marcos issued Presidential Decree 1200, known as the Philippine Five-Year Development Plan (1978–1982), which provides, among others, that Region VI would be the site of the University of the Philippines in the Visayas (UPV) with emphasis on fisheries and marine sciences. A second UPV Project Development Team was then organized in December 1977 to review and update the plans. The development plan was approved by the UP Board of Regents on May 28, 1978. The fisheries educational loan was then re-negotiated with the World Bank inasmuch as its appraisal team had earlier favorably endorsed the development plan.