Preamble
WHEREAS, there is an urgent need to maximize the development, exploitation and utilization of mineral deposits other than those of nickel, cobalt and iron within the Surigao Mineral Reservation in order to take advantage of the increased world demand for mineral resources; WHEREAS, the immediate development, exploitation and utilization of mineral deposits other than nickel, cobalt and iron within the Surigao Mineral Reservation will substantially help the Government in the generation of much needed foreign exchange in the face of international economic recession brought about by the energy crisis; WHEREAS, there is a need to make the existing laws on the administration and disposition of the Surigao Mineral Reservation more responsive to prevailing circumstances and to modify and rationalize Government policies in the development of the said Reservation towards giving more opportunity to private enterprises willing to take risk and can generate adequate technical and financial resources for mineral development. NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Republic of the Philippines, by virtue of the powers vested in me by law, do hereby order and decree the following: