Preamble
WHEREAS, notwithstanding the last increase in the specific tax rates on petroleum products, the price thereof in the Philippines is still one of the lowest in Asia as revealed in a recent survey; WHEREAS, the prevailing global crisis in oil has rendered it imperative for the government to adopt stronger measures which would discourage the wasteful consumption thereof; and WHEREAS, the increase in the tax component of the price of some petroleum products is an effective measure of oil conservation and would further provide an equitable source of additional revenues for economic development. NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines, by virtue of the powers vested in me by the Constitution, do hereby order and decree the following: