Preamble
WHEREAS, the objective of accelerating the development of the Philippines as the business and financial capital of Southeast Asia and thereby hastening the economic and social development of the country can be accomplished further by attracting multinational companies to base their regional warehouse in the Philippines; WHEREAS, the said regional warehouses will not earn or derive any income from the host country and all their expenses are financed by their head offices or parent companies; WHEREAS, the attainment of the aforesaid goal will mean the creation of a new source of dollar revenue for the government and the increase of foreign exchange receipts for export of Philippine products; a boost to air travel, new construction and real estate development, new job opportunities, increase in local tourism and potential investors; WHEREAS, the establishment of regional warehouses in the Philippines by multinational companies would prevent and spare local industries from incurring substantial but needless losses from factory down time because of lack of imported spare parts of raw materials and from the heavy cost of inventory financing due to unavailability of imported spare parts or manufactured components and raw materials; WHEREAS, the establishment of regional warehouses in the Philippines by multinational companies will also promote trade, communication and cooperation between the Philippines and other member-nations of the Association of Southeast Asian Nations (ASEAN) and will thereby serve its goal towards regional self-reliance; 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: