Creation of a Department of Industry.
Section 1
SECTION 1. Creation of a Department of Industry.—There is hereby created a Department of Industry, hereinafter referred to as the Department, which shall be the primary policy, planning, programming, coordinating, implementing and administrative entity of the executive branch of the government in the development, expansion and diversification of industry, in pursuance of the following objectives: Guide the development and operation of industry along directions most contributory to the national goals as domestic and international conditions make appropriate and as denned from time to time by the President and/or the National Economic and Development Authority; Improve linkages and inter-relationships of industry with the development of the country's agriculture, natural resources, public services and infrastructure, and reinforce and enhance the contributions of these sectors, conjunctively with industry, to the national progress and welfare; Identify the needs, encourage and assist the achievement of national self-sufficiency, without undue burdens to the end-consumers, in essential industrial products, in accordance with the philosophy of national self-reliance; Improve the ownership structure of industry by promoting broader ownership of large scale industrial enterprises, accelerate the formation and growth of small-scale and medium-scale industrial enterprises, and encourage and promote the dispersal of industry throughout the country; and Develop the capabilities of industry to increase the domestic content of its products, to upgrade the quality of products according to competitive international standards to reduce costs of production, particularly those involving foreign exchange, and in coordination with the Department of Trade, to export manufactures to the international and regional markets.