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PRESIDENTIAL DECREE NO. 1197
PRESIDENTIAL DECREE NO. 1197 -
EXEMPTING THE MANILA SEEDLING BANK FOUNDATION, INC., FROM PAYMENT OF
TAXES AND CUSTOMS DUTIES AND OTHER IMPOSTS
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WHEREAS,
there is an urgent need for our country to yield more abundant natural
resources, in order to prevent flood, droughts, erosion and
sedimentation, increase water supply, and expand farm productivity to
meet the ever increasing demand for domestic consumption of our growing
population; chanroblesvirtualawlibrary
WHEREAS, in pursuance to the above objective, Presidential Decree No.
1153 was issued, requiring every citizen to plant 1 tree every month
for 5 consecutive years;chanroblesvirtualawlibrary
WHEREAS, the MANILA SEEDLING BANK FOUNDATION, INC., a non-profit,
non-stock organization, was organized primarily to engage in the
production of tree seedlings to supply the needs of the various
government offices and agencies in all kinds of activities relating to
tree planting and of the general public under Presidential Decree No.
1153;chanroblesvirtualawlibrary
WHEREAS, in order to better promote the objectives of the Foundation,
and considering that it is a non-profit corporation and had been
organized solely for the country's interest and not for the benefit of
any individual, contributor, or member, the Foundation should be exempt
from all forms of taxation, and any of its equipment, articles or goods
that it may import from abroad for its use, should be exempt from
customs duties and all other imposts;chanroblesvirtualawlibrary
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:cralaw:red
Section 1. Any provision of law to the contrary
notwithstanding, the Manila Seedling Bank Foundation, Inc., shall be
exempt from all forms of taxation whatever and from duties and all
other imposts on any equipment, articles, or goods that it may import
or may have imported from abroad from the date of the issuance of
Presidential Decree No. 1153, which may be reasonably necessary for use
or as part of its operation.
Section 2. The Manila Seedling Bank Foundation, Inc.,
shall, at the end of every calendar year, submit to the President of
the Philippines an annual report containing the activities of the
corporation and showing clearly its exact financial condition, the
source of all receipts and purposes of all disbursements.
Section 3. This decree is hereby made part of the law
of the land and shall take effect immediately.
Done in the City of Manila,
this 7th day of September, in the year of Our Lord, nineteen hundred
and seventy-seven.
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