It is hereby declared the policy of the State to attain and maintain a rational and orderly balance between socio-economic growth and environmental protection. There is established an Environmental Impact Statement System based on the environmental impact statement, required under section 4 of Presidential Decree No. 1151 of all agencies of the national government, including government-owned or controlled corporations, as well as private corporations, firms and entities, for every proposed project and undertaking which significantly affect the quality of the environment. The President of the Philippines may, on his own initiative or upon recommendation of the National Environmental Protection Council, by proclamation declare certain projects, undertakings or areas in the country as environmentally critical. No person, partnership or corporation shall undertake or operate any such declared environmentally critical project or area without first securing an Environmental Compliance Certificate issued by the President. The National Environmental Protection Council shall issue the necessary rules and regulations to implement this Decree.