Preamble
WHEREAS, it is necessary to give flexibility to the tax system in order to improve and optimize its sensitiveness and conformity to the rapidly changing patterns of the economic, social, and political environment; WHEREAS, the President is equipped with relevant data for the formulation of immediate, timely and effective measures to make the tax system more responsive to current conditions; 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: