Preamble
WHEREAS, certain fiscal incentives can be improved to increase the level of foreign exchange of the country to finance its growing import bill; WHEREAS, gift giving is a part of the Filipino cultural heritage which is observed even by citizens who have migrated abroad by sending gifts to relatives and friends in the homeland, usually in the form of foreign manufactured goods; WHEREAS, Philippine-made products can easily equal if not surpass foreign-made articles, so that if pushed in the right direction it can generate substantial foreign exchange for the country. NOW, THEREFORE, I. FERDINAND E. MARCOS, President 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: