Preamble
WHEREAS, the production of local Virginia tobacco of the quality needed and in quantities marketable in both domestic and foreign markets should be continued and further encouraged so as to strengthen the economy of the nation; WHEREAS, to better realize such objective, it is necessary that the economic well-being of the Virginia tobacco farmers shall be assured; WHEREAS, it has been determined that the minimum prices of locally produced tobacco set forth under Presidential Decree No. 62 and Letter of Instructions No. 166 are, by present standards, inadequate taking into account the higher cost of production; and to protect the tobacco farmers, there is need to fix and/or revise the minimum prices at which Virginia tobacco leaf may be purchased from them; 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 as part of the law of the land: