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PRESIDENTIAL DECREE NO. 1953
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PRESIDENTIAL DECREE NO. 1953 -
REPEALING PRESIDENTIAL DECREE NO. 1928 ENTITLED "IMPOSING A SPECIAL
EXCISE TAX ON FOREIGN EXCHANGE SOLD BY THE CENTRAL BANK OF THE
PHILIPPINES AND ITS AGENTS; PRESCRIBING PENALTIES FOR VIOLATIONS HEREOF
AND FOR OTHER PURPOSES"
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chanroblesvirtualawlibrary
WHEREAS,
the current economic crisis amounts to a grave necessary affects the
stability of the nation requires immediate action; chanroblesvirtualawlibrary
WHEREAS, the issuance of this decree is an essential and necessary
component of the national economic recovery program formulated to meet
and overcome the emergency;chanroblesvirtualawlibrary
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines,
pursuant to the power vested in me by the Constitution, do hereby
direct and decree:cralaw:red
Section 1. Presidential Decree No. 1928, Imposing a
Special Excise Tax on Foreign Exchange Sold by the Central Bank of the
Philippines and its Agents; Prescribing penalties for violations hereof
and for other purposes, is hereby repealed.
Section 2. Sales of foreign exchange by the Central
Bank of the Philippines and its agents, heretofore subject to the
Special Excise Tax aforementioned shall, on the day following the
effectivity hereof, not be subject to the Special Excise Tax.
Section 3. Violations of the provisions of
Presidential Decree No. 1928 and the rules and regulations issued in
implementation thereof, shall continue to be prosecuted pursuant
thereto and the penalties prescribed therein correspondingly imposed.
Section 4. Any provision of law or regulations
inconsistent herewith is hereby repealed, revoked or modified
accordingly. chanroblesvirtualawlibrary
Section 5. This Decree shall take effect on October
14, 1984.
Done in the City of Manila,
this 10th day of October, in the year of Our Lord, nineteen hundred and
eighty-four.
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