Preamble
WHEREAS, it is the policy of the Government to encourage, promote and sustain the economic and social growth of the country; WHEREAS, the provision of well-planned areas with the appropriate infrastructure facilities will encourage and facilitate the establishment of industries which in turn contribute to economic and social growth; WHEREAS, maximum benefit from such industrial areas can be derived by creating an Authority with the responsibility to plan, coordinate and when necessary, actually undertake the construction of such areas as well as manage their operations in a professional and efficient manner; WHEREAS, it is also the policy of the State to harness the full potentials and capabilities of veterans and AFP retirees so that they could participate fully in the enhancement of the economic development of the country; WHEREAS, the PHIVIDEC was created for the purpose of pooling the economic resource potentials of these veterans and retirees; NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines, by virtue of the powers vested in me by the Constitution of the Philippines, in order to effect the desired changes and reforms in the social, economic and political structure of our society do hereby create the PHIVIDEC Industrial Authority and make as part of the law of the land the following;