Preamble
WHEREAS, the Homecoming Program for Overseas Filipinos under Letter of Instruction No. 105, issued 31 July 1973, otherwise known as the Balikbayan Program has been an overwhelming success and in compliance with numerous requests and petitions for extension, the same has been extended to 31 August 1974 to enable more of our overseas countrymen and their families or their descendants to visit or settle in their motherland; and WHEREAS, it is desirable to grand additional incentives to the temporary tax holiday benefits under Letter of Instruction Nos. 105 and 163; NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines, by virtue of the powers in me vested by the Constitution, do hereby order and decree: