Preamble
WHEREAS, the prevailing specific tax on coal and coke is significantly out of line with the value of these products; WHEREAS, the corresponding duties and taxes on alternative sources and alternative mineral fuels are significantly higher resulting in excessive price distortions in favor of domestic coal and coke; WHEREAS, such distortions should be corrected to a level that will still maintain a reasonable margin in favor of domestic producers. NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines, by virtue of the powers vested in me under Section 290-B of the Internal Revenue Code, as amended, do hereby direct and order that: