Preamble
strong>WHEREAS, the recurring increase in crude oil prices has required a re-assessment of the costs earmarked for economic development programs of the third world countries including the Philippines; WHEREAS, in order to meet the resulting escalation in the costs of vital materials, equipment and labor for on-going and already-programmed national development projects of the country, there is an imperative need to raise additional revenues for infrastructure projects being funded to a great extent by collections of specific tax on petroleum products. NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines, by virtue of the powers in me vested by the Constitution, do hereby order and decree the following: