Preamble
WHEREAS, the tariff performs an important role in economic development. WHEREAS, in addition to the power of legislation provided for in the Amendment to the Constitution of October 1976, the executive authority of the President to reduce tariffs requires flexibility in order to establish a rational tariff structure. WHEREAS, the modification of tariff rates in certain cases needs to be attained in stages that will enable domestic industries reasonable time to undertake necessary adjustments to changes in the level of protection. NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Republic of the Philippines, by virtue of the powers vested in me by the Constitution, do hereby decree and order as follows: