Preamble
WHEREAS, duty-free stores serve as an effective resource base for accelerated tourism development in our country; WHEREAS, duty-free stores will earn for our country substantial amounts of foreign exchange which, in turn, will help accelerate our country's socio-economic development; WHEREAS, the nature of the traditional items that are saleable in duty-free shops will not, in any way, offer competition to locally manufactured products; WHEREAS, in order to stabilize and standardize the services of duty and tax free stores in qualified air and sea passenger terminals in the country and other authorized outlets and to assure continuous, efficient and satisfactory services, as well as the effective control of its operations, an exclusive authority in favor of the Tourist Duty-Free Shops, Inc. is deemed expedient and beneficial for the country; and WHEREAS, existing laws do not specifically and expressly provide for the establishment of duty-free stores in our country; and 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