Preamble
WHEREAS, there is a need to raise capital to hasten the industrialization of our developing economy; WHEREAS, it is a more desirable policy to raise the needed capital through equity investment and at the same time to broaden the base of equity ownership of existing corporations; WHEREAS, there is a need to restructure our tax system on investment income by realigning the taxation of dividend income and interest income; WHEREAS, there is a need to simplify the collection of taxes on all types of investment income through a withholding tax system. NOW THEREFORE, I, FERDINAND E. MARCOS, by virtue of the powers vested in me by the Constitution do hereby decree and order: