Preamble
WHEREAS, the continued development of the Surigao Mineral Reservation is of utmost importance to the national economy; WHEREAS, the tax exemption granted to the operator under Paragraph (1) of Section 6 of Republic Act No. 1828, as amended, will expire on 31 December 1981; and WHEREAS, in view of the unabated increases in the cost of fuel oil and continued depressed world prices of nickel and cobalt, the development of the Surigao Mineral Reservation cannot be pursued unless the tax incentives granted to the operator are further extended. NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines, by virtue of the powers vested in me by the Constitution, do hereby decree and order the further amendment of Paragraph (1) of Section 6 of Republic Act No. 1828, as amended, as follows: