Preamble
WHEREAS, for the implementation of the Government' s priority, industrial programs, competitive bidding is essential to ensure hat only the most suitable and cost efficient industrial plant and technology are acquired and that the foreign exchange reserves of the Philippines are prudently utilized in the acquisition of such plants and technology and not diverted to authorized or illegal uses; WHEREAS, uniform general terms and conditions of contracts, carefully designed for the optimum protection of the interests |f the owner of the project, should be very useful means for the coordinated and efficient implementation of the Government's priority industrial programs; 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 order and decree as part of the law of the land the following: