WHEREAS, among the bases of said Proclamation is the economic anarchy perpetrated by some elements, especially in the form of importation into the Philippines of goods, merchandise, commodities, wares, articles and other items on which taxes and duties/ charges are due but which taxes and duties/charges are not paid, to the detriment of the economic life of the Nation;
WHEREAS, in order to insure that all concerned will pay the correct amount of taxes and/or duties/charges on the goods, merchandise, wares, articles and other items they import into the Philippines for personal use, or for sale, wholesale or retail, it is necessary that such importers, possessors and/or dealers of imported goods, merchandise, wares, articles and other items be dealt with expeditiously according to the existing laws, rules and regulations;
WHEREAS, the implementation of this Decree will be more effective if the violators hereof can be immediately immobilized to prevent them from further engaging in the same unlawful and nefarious activities;
NOW, THEREFORE, I, FERDINAND E. MARCOS, in my capacity 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, do hereby order and decree:
All laws, rules and regulations which are inconsistent herewith are amended or modified accordingly.
The Secretary of Finance shall issue the necessary rules and regulations to implement this Decree.
This Decree shall take effect immediately.
Done in the City of Manila, this 16th day of November, in the year of
Our Lord, nineteen hundred and seventy-two.
(Sgd.) FERDINAND E. MARCOS
President
Republic of the Philippines
By the President:
(Sgd.) RONALDO B. ZAMORA Assistant Executive Secretary