Preamble
WHEREAS, the incentives granted by the Board of Investments under Republic Act No. 5186, Republic Act No. 6135 and Presidential Decree No. 1159, as amended, are subject to certain limitations in period of availment as well as rates of tax exemptions prescribed therein, or imposed by other laws; WHEREAS, there are meritorious cases of particular firms/specific industries contributing to the national economy and general welfare for which continuation of incentives beyond the prescribed availment period or higher rates of tax exemptions may be necessary; and WHEREAS, some incentives may from time to time need to be altered or modified in order to make them more responsive to encourage investments in desirable business activities and to the needs of the economy; 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: