Preamble
WHEREAS, the need for additional revenue for accelerated development has rendered it imperative for the government to tap resources from which this might equitably be derived; WHEREAS, the increase in taxes on certain petroleum products is a good source of revenue for the government; WHEREAS, notwithstanding the last increase in the rate of specific tax on gasoline, the tax on gasoline in the Philippines is still one of the lowest in Asia as revealed in a comparative study of gasoline taxes in several Asian countries/cities; and WHEREAS, the increase in tax on gasoline, diesel fuel oil, bunker fuel oil and other petroleum products is consistent with the declared policy of the government to conserve fuel; 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 the following: