WHEREAS,
under its Charter (Presidential Decree 286, as amended by Presidential
Decree 696), Philippine Aerospace Development Corporation (PADC), a
government corporation, is exempt from all national and local taxes,
duties and fees for seven (7) years from date of promulgation of
charter, and which period expired on June 30, 1981.
WHEREAS, due to heavy losses in operations, in view of the burdensome
interests on foreign borrowings the financial standing of PADC is not
in a position to meet the taxes, fees and duties due.
WHEREAS, aviation industry which PADC is legally mandated to develop,
needs Government assistance and support.
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
1. Section 10 of Presidential Decree 286, as amended
by Presidential Decree 696, is further amended to read as follows:cralaw:red
"Sec. 10. Exemptions. — The Corporation and its
subsidiaries shall be exempt from all national and local taxes, duties,
and fees, and shall not be subject to tariff, compensating tax and all
other taxes, assessments and charges for their importation of
machineries, equipments, services, goods and spare parts and other
items to be used for the purpose authorized under this Decree."
2. The effectivity of this Decree shall retroact to
July 1, 1985.
Done in the City of Manila this
31st day of January, in the year of Our Lord, nineteen hundred and
eighty-four.
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