Preamble
WHEREAS, under Presidential Decree No. 334, as amended, the Philippine National Oil Company is expressly charged (a) to provide and maintain an adequate and stable supply of oil and petroleum products for the domestic requirements; (b) to promote the exploration, exploitation and development of local oil and petroleum sources; and (c) to foster oil or petroleum operation conditions conducive to a balanced and sustainable growth of the economy; WHEREAS, it is imperative that the Philippine National 0il Company and its affiliated companies be granted adequate powers and incentives to enable it to attain expeditiously and efficiently its declared objectives. 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: