WHEREAS, it is the policy of the government under the New Society to protect workers from the effects of inflation to prevent erosion of real wages and sustain their employment; and
WHEREAS, it is necessary for the government to act promptly to meet this crisis provisionally without prejudice to the convening of a National Tripartite Conference later on to review the price-wage adjustment issues;
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, and upon the urgent recommendation of the Minister of Labor and the Cabinet Standing Committee, hereby decree: