Preamble
WHEREAS, fertilizer is a key input to food production and the Philippines imports about 70% of its fertilizer requirements annually; WHEREAS, it is essential to the national interest that we immediately expand Philippine fertilizer production capabilities in order to guarantee sufficient domestic production of this vital commodity; WHEREAS, the development of our fertilizer industry can be effectively achieved through a strategy involving not only for the expansion of local production capabilities but also the establishment of joint ventures with other countries which have the raw material resources required for fertilizer production; WHEREAS, undertakings of this nature involve massive investments exceeding the capabilities of the private business sector alone to finance, thus necessitating the establishment of a largely or wholly government-owned corporation; WHEREAS, the proposed corporation, while continually striving to remain economically viable and profitable, should not lose sight of its primary role of providing farmers with vital inputs at reasonable prices to enable them to produce enough for the nation; NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines, by virtue of the powers vested in me by the Constitution, do hereby order and decree, as part of the law of the land, the following: