Preamble
WHEREAS, the establishment, development and operation of a petrochemical complex and related industries in a petrochemical site is vital to economic and industrial development; WHEREAS, the efficient implementation of this objective in that site at Lamao, Limay, Bataan, more specifically described in Proclamation No. 361 dated March 6, 1968 as amended by Proclamation No. 630 dated November 29, 1969 can best be achieved thru an entity equipped and competent to pursue in earnest such an undertaking; 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: