Preamble
WHEREAS, there is need for fiscal incentive statutes to be responsive and meaningful to changing circumstances such that they would not become inadequate, obsolete, redundant or no longer necessary; WHEREAS, it is necessary to realign incentive statutes so as to gear them to policies existing at any given time, such as the current industrialization policies and the thrust to encourage export-oriented and labor-intensive industries utilizing indigenous materials, and WHEREAS, corollary thereto, there is likewise a need to harmonize incentive statutes being implemented by various government agencies in order to prevent competing, conflicting or confusing 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: