Preamble
WHEREAS, the current economic crisis amounts to a grave emergency which affects the stability of the nation and requires immediate action; WHEREAS, the issuance of this Decree is an essential and necessary component of the national economic recovery program formulated to meet and overcome the emergency; WHEREAS, Section 20 of Batas Pambansa Blg. 391, otherwise known as the Investment Incentives Policy Act of 1983, authorizes the President to restructure/rationalize all existing incentives systems/legislations to align them with overall economic development objectives and make them more responsive and meaningful to changing circumstances ; 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: