Preamble
WHEREAS, tourism and attraction of foreign investments into the Philippines are two of the government's prime target areas in its move towards the improvement of the Philippine economy; WHEREAS, there are still a number of economically depressed areas in the country suitable for international tourism which have not been adequately exploited, developed and attended to whether by the government or by the private sector; WHEREAS, studies and researches conducted by governmental agencies reveal that among the major obstacles in the realization of optimum benefits from the governmental programs of tourism and foreign investment attraction are the stringent provisions of immigration laws, rules and procedure; which serve as deterrent to alien investors wishing to make the Philippines their second home; WHEREAS, it is felt that selective relaxation of immigration laws to accommodate alien investors who are willing to, and do in fact, invest substantially in preferred depressed areas would go a long way towards infusing additional foreign exchange receipts to the Philippines, encourage new constructions and real estate development, generate more employment and income opportunities for the masses, in keeping with the escalating demands of our people for the basic essentials that make for comfortable existence. 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: