Preamble
AN ACT INTENDED TO IMPROVE BUSINESS CLIMATE BY AMENDING REPUBLIC ACTS NUMBERED FIFTY-ONE HUNDRED EIGHTY-SIX, SIXTY-ONE HUNDRED THIRTY-FIVE, FIFTY-FOUR HUNDRED FIFTY-FIVE AND FOR OTHER PURPOSES. WHEREAS, There is a need to improve the overall climate for business and industry in the Philippines in order to accelerate economic growth and promote the well-being especially of the masses of our people; WHEREAS, although the various incentives already provided in existing laws to encourage investment, both local and foreign, in desirable industries and projects have actually induced their establishment in preferred areas, there is still a need to re-examine their precise impact and relevance not only to increased productivity but to the improvement of the living standards of the people; WHEREAS, in order to achieve the foregoing objectives, it is necessary to update and rationalize existing incentives and provide new ones that can help optimize the rate of economic development by giving priority to export-oriented industries especially those utilizing indigenous raw materials and which can generate more employment and income opportunities in keeping with the escalating demands of our people for the basic essentials that make for decent existence; NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines, by virtue of the powers in me vested by the Constitution as Commander-in-Chief of the Armed Forces of the Philippines and pursuant to Proclamation No. 1081, dated September 21, 1972, and General Order No. 1, dated September 22, 1972, as amended and in order to effect the desired changes and reforms in the social, economic and political structure of our society, do hereby order and decree amendments to Republic Act Numbered Fifty-one hundred eighty-six, otherwise known as the Investment Incentives Act, and complementary laws such as Republic Act Numbered Sixty-one hundred thirty-five, otherwise known as the Export Incentives Act and Republic Act Numbered Fifty-Four hundred fifty-five, as follows: