Preamble
WHEREAS, one of the primordial concerns of the Government is to insure adequate and continuous supply of crude oil and refined petroleum products in the country to meet the basic needs of the people and the requirements for national economic growth: WHEREAS, in order to stabilize prices of petroleum products or to cover any shortfall thereof, it may be necessary to import crude oil and/or refined petroleum products not only from the known traditional sources of supply but also from other sources of supply through all available means: WHEREAS, to achieve the above it may be necessary to provide for some machinery that would allow the importer to recover its cost: NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines, by virtue of the powers in me vested by the Constitution, do hereby decree and order: