WHEREAS, there is a pressing need to revise the Tariff and Customs Code of the Philippines under Republic Act No. 1937, as amended, so as to:

(1) Simplify the present complicated tariff structure and improve thereby the administration of customs;
(2) Raise additional revenues;
(3) Provide tariff protection to economically desirable and deserving local industries;
(4) Serve as an instrument for bargaining vis-a-vis other countries;
(5) Allocate properly available resources from investments in non-essentials to investments in essential and exportable goods; and
(6) Prevent technical smuggling;

WHEREAS, I had certified to Congress in its last sessions a bill entitled "Tariff and Customs Revision Act of 1972," as one of the priority measures vital to the national economic development program of the Government;

WHEREAS, it is necessary that the bill as finally passed by Congress be further improved to suit the needs of the changing economic conditions of the country;

WHEREAS, it is believed that the amendments introduced by this Decree on the "Tariff and Customs Revision Act of 1972," as approved by Congress is in the national interest and for the welfare of the people;

NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines, by virtue of the powers vested in me by the Constitution as Commander-in-Chief of all 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, do hereby decree and order that the amended Tariff and Customs Code of the Philippines as approved by Congress, and as further amended by this Decree, is hereby adopted and approved, and made part of the law of the land.

I further order that the Secretary of Finance, the Director-General of the National Economic Development Authority and all other agencies of the Government concerned take the steps necessary for the prompt and effective implementation of this Decree.

This Decree shall be in full force and effect thirty (30) days after its promulgation, except Section 104 of this Code (rates of import duty) which shall take effect on January 1, 1973.

Done in the City of Manila, this 27th day of October, in the year of Our Lord, nineteen hundred and seventy-two.

(Sgd.) FERDINAND E. MARCOS President Republic of the Philippines