Preamble
WHEREAS, under Section 7(j) of Republic Act No. 617H, as amended, a Special Fund was created to be utilized directly or in the form of loans through financial institutions of the government, for projects relating to the consumption or use of crude oil, gas and other petroleum products; the development of other sources of energy; for exploration and researches on conservation, anti-pollution and other similar studies; and to subsidize importation of crude oil and refined petroleum products by the government agencies and government owned or controlled corporations to assure adequate and continuous supply of petroleum products at reasonable prices; WHEREAS, there is a need to redefine and amplify the purposes of the Special Fund; WHEREAS, in order to generate funds with which to conduct and thereby carry out successfully those economic and social projects to be financed by the Special Fund, it is necessary to adopt adequate measures for its financing; WHEREAS, the foregoing objective can be achieved by authorizing the Oil Industry Commission to require payment within certain prescribed limits by those engaged in the petroleum industry to said Special Fund; WHEREAS, the Commission may avail itself of said authority in order to regulate and rationalize prices of petroleum products in line with announced policy of the government to encourage conservation and disciplined use of petroleum products; NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines, by virtue of the powers vested in me by the Constitution, do hereby decree and order the following as part of the law of the land: