Preamble
WHEREAS, a study of the present tax structure shows that a number of fiscal incentives have been granted; WHEREAS, there is a need to review and update these incentives in the light of international and domestic developments; WHEREAS, it is deemed imperative to harmonize incentives with the ability to manufacture goods domestically and to conserve government revenues. 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: