WHEREAS, the OPEC oil price increase and the disruption of oil production in Iron have made increases in the prices of various commodities inevitable, including items covered by the government socialized pricing program;
WHEREAS, the fixed-income groups in our society, especially the great mass of wage earners, are incapable of adjusting themselves to the new realities and, unless helped initially, they may suffer serious difficulties;
WHEREAS, it has been the policy of the state in times of crisis like this to initiate the process of adjustment and insure the peaceful and orderly establishment of a new equilibrium in prices, incomes and wages;
WHEREAS, representatives of Labor, management and government, in a National Tripartite Conference at the Development Academy of the Philippines, Tagaytay City, on March 7 and 8, 1979 have reached, after intensive and exhaustive consultations, a consensus on viable levels of wages and compensation.
NOW, THEREFORE, I, FERDINAND E. MARCOS, President and Prime Minister, by virtue of the powers vested in me by the Constitution, of the Republic of the Philippines, do hereby decree the following: