Preamble
WHEREAS, piracy and counterfeiting of audio and audio-visual products have become rampant, resulting in serious financial prejudice to the film and recording industries, and the loss of substantial tax revenues to the Government ; WHEREAS, it is imperative for the survival and protection of the film and recording industries that certain provisions of Presidential Decree No. 49, otherwise known as "Decree on Intellectual Property," be amended for the purpose of lengthening the period within which a producer of a sound recording must deposit two copies thereof with the National Library, and prescribing stiffer penalties for piracy of sound recordings and motion pictures or other audio-visual works; WHEREAS, the current crisis in the movie industry amounts to a grave emergency affecting the economic stability of the nation and the livelihood of hundreds of thousands of families and workers dependent on the industry; WHEREAS, the issuance of this Decree will help in the national economic recovery program designed to meet the emergency facing the industry; NOW. THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines, by virtue of the powers vested in me by the Constitution, do hereby decree: