WHEREAS,
LOI 1416 has authorized the suspension of payment of taxes, duties,
fees, imposts and other charges, whether direct or indirect, due and
payable by the copper mining companies in distress to the national and
local governments; chanroblesvirtualawlibrary
WHEREAS, copper mining companies continue to suffer because of the
continued drop in world copper prices;chanroblesvirtualawlibrary
WHEREAS, said industry will continue to deteriorate without further
assistance from the government;chanroblesvirtualawlibrary
WHEREAS, the government is determined to keep the industry viable
considering that it earns substantial foreign exchange for the country.
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Republic of
the Philippines, by virtue of the powers vested in me by the
Constitution, do hereby order:cralaw:red
1. The accumulated taxes, duties, fees, imposts and
other charges of copper mining companies which have been suspended
pursuant to LOI 1416, may be waived under the conditions herein
provided.
2. Only mining companies as determined by the
Ministry of Trade and Industry to be in distress such that the payment
of accumulated taxes, duties, fees, imposts and other charges under
present economic conditions will cause irreparable injury to their
viable operations may avail of the above waiver. chanroblesvirtualawlibrary
3. The evaluation of the Ministry of Trade and
Industry will be done on a quarterly basis upon application by a
distressed mining company and shall take into account the existing
copper world market prices, foreign exchange earnings of the applicant,
cash position of the company, profitability of the company, and such
other criteria indicative of the continuing inability to pay the
aforesaid obligations to the government.
4. The Ministry of Trade and Industry shall have the
authority to certify copper mining companies as eligible for waiver of
accumulated taxes, duties, fees, imposts and other charges. The actual
waiver shall be effective upon approval by the President.
5. The Ministry of Trade and Industry is authorized
to promulgate the implementing rules of this Order.
This Order shall take effect immediately. chanroblesvirtualawlibrary
DONE in the City of Manila this
4th day of February, in the year of Our Lord, nineteen hundred and
eighty-six.
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