Preamble
WHEREAS, the availability at all times of iron and steel products at reasonable cost is essential for the promotion of the national welfare, economic progress and industrialization; WHEREAS, it is imperative for the Government to take a more active role in the iron and steel industry in order to so assure an adequate or increased supply at all times of such iron and steel products at reasonable cost. NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines, by virtue of the powers vested in me by the Constitution, do hereby create the Philippine National Iron and Steel Corporation, and further order and decree the following, as part of the law of the land, to be the Charter of the Philippine National Iron and Steel Corporation: