Section 1
Sec. 1. The existence of a state of war among several nations of the world with which the Philippines has been maintaining commercial and trade relations, and from which this country has been importing foods, clothing, fuel, fertilizers, chemicals, building materials, implements, machinery, and equipment required in agriculture and industry, and other articles or commodities of prime necessity; the likely increase in insurance and freight rates; the scarcity of bottoms; the limitations with respect to the movement of commodities; and the consequent possible profiteering on the part of merchants outside of and inside the Philippines, have given rise to a national emergency, and to protect the public interests, it is declared to be the national policy during such emergency to prevent, locally or generally, scarcity, monopolization, hoarding, injurious speculations, manipulations, private controls, and profiteering, affecting the supply, distribution, and movement of foods, clothing, fuel, fertilizers, chemicals, building mate rials,implements, machinery, and equipment required in agriculture and industry, and other articles or commodities uf prime necessity, both imported end locally produced or manufactured.