WHEREAS, Republic Act Numbered 5186, as amended, otherwise
known as Investment Incentives Act, Republic net Numbered 6135, 3s amended,
otherwise known as Export Incentives Act, and Presidential Decree Numbered 1159,
otherwise Known as agricultural Investments Incentives Decree, grant
substantially the same incentives to investors and enterprises registered with
the Board of Investments;
WHEREAS, Republic Act Numbered 5455 otherwise known as
Foreign Business Regulation Act, regulates the entry of foreign investments into
the country and as such complements the aforementioned investment incentives
laws;
WHEREAS, there are in the aforementioned laws provisions
which require clarification, revision, or simplification as a result of various
presidential decrees, letters of instructions and executive orders on the same
subject;
WHEREAS, it is imperative to adopt a consolidated
investments code to integrate the said amendments and to clarify and harmonize
their provisions not only for the proper guidance of domestic and foreign
investors, bur also for the efficient and effective implementation of the said
laws;
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the
Republic of the Philippines, by virtue of the powers in me vested by the
Constitution, do hereby order and decree as follows:
SECTION l. Codification of investment, agricultural and
export incentives laws. All acts, presidential decrees, letters of instructions
and executive orders which govern investments and the grant of incentives in
connection therewith which are administered by the Board of Investments and all
laws regulating the making of investments and the doing of business by
foreigners in the Philippines are hereby revised, consolidated and codified into
a single code to be known as the Omnibus Investments Code which shall form an
integral part of this Decree.