Preamble
WHEREAS, under Presidential Decree No. 726, the National Grains Authority is given the exclusive authority to import wheat grains without customs duties, taxes and other charges; WHEREAS, the above tax exemption privilege is no longer needed because of the adequacy of supply of palay and its substitutes; WHEREAS, the withdrawal of the said tax exemption, which in effect is a subsidy to foreign wheat producers, will generate additional funds to finance the varied undertakings of the government; 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: