EXECUTIVE ORDER NO. 340 - LIFTING THE SUSPENSION OF PAYMENT OF ALL TAXES, DUTIES, FEES, IMPOSTS AND OTHER CHARGES, WHETHER DIRECT OR INDIRECT, DUE AND PAYABLE BY COPPER MINING COMPANIES TO THE NATIONAL AND LOCAL GOVERNMENTS UNDER LETTER OF INSTRUCTIONS NO. 1416, DATED JULY 17, 1984

WHEREAS, Letter of Instructions (LOI) No. 1416, ordered and directed the suspension of payment of all taxes, duties, fees, imposts and other charges, whether direct or indirect, due and payable to the National and Local Governments by distressed copper mining companies;

WHEREAS, the immediate lifting of the suspension privilege of the copper mines under LOI No. 1416 is warranted considering that the present world market for copper has taken a sharp upturn;  

WHEREAS, LOI No. 1416 provides that the repayment of suspended tax obligations shall be scheduled according to the individual capacity of each copper mining company; and

WHEREAS, a fible and staggered system of repayment has been worked out and recommended by the appropriate bodies taking into consideration the financial capabilities of said mining companies;

NOW, THEREFORE, I, CORAZON C. AQUINO, President of the Philippines, by virtue of the powers vested in me by law, do hereby order the lifting of the suspension of payment of all taxes, duties, fees, imposts and other charges, whether direct or indirect, due and payable by copper mining companies to the National and Local Governments under LOI No. 1416, dated July 17, 1984, and direct:

1. Immediate payment of all obligations incurred from May 1, 1988 which are eligible for suspension under LOI No. 1416;

2. Payment of all obligations suspended by LOI NO. 1416 and incurred from January 1, 1988 to April 30, 1988, in equal monthly installments up to December 31, 1988;

3. Payment of all obligations suspended by LOI No. 1416 and incurred from October 31, 1987 to December 31, 1987 in equal monthly installments up to June 30, 1989;

4. Payment of all obligations incurred before October 31, 1987 and suspended by LOI No. 1416 subject to a schedule of payment to be submitted by the copper mining companies concerned within fifteen (15) days hereof and which schedule shall be approved by the Secretary of Finance upon the recommendation by the Secretary of Trade and Industry, taking into account the individual paying capacity of each mining company.

Since 19.07.98.