Preamble
REVITALIZING OF THE PHILIPPINE SUGAR INDUSTRY REORGANIZING THE PHILIPPINE SUGAR COMMISSION, AND FOR OTHER PURPOSES. WHEREAS, in the interest of optimizing benefits for the sugar produces, there has been adopted a new policy of free enterprise trading for the sugar industry; WHEREAS, the sugar industry, in view of depressed world prices and severe cutbacks in credits, has been reeling from the effects of adverse conditions affecting the welfare of many Filipinos in many parts of the country; WHEREAS, the current crisis in the sugar industry 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; NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Republic of the Philippines, by virtue of the power vested in me by the Constitution, do hereby order and decree: