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PRESIDENTIAL DECREE NO. 517
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PRESIDENTIAL DECREE NO. 517
- AMENDING PRESIDENTIAL DECREE NO. 135
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WHEREAS, it
is a policy of the Government to provide adequate assistance to the
agricultural sector in line with the national objective of giving
impetus to food production; chanroblesvirtualawlibrary
WHEREAS, pursuant to this policy, fertilizer and fertilizer inputs that
can be procured locally should be granted tax exemption similar to that
allowed on imports;chanroblesvirtualawlibrary
WHEREAS, an amendment to Section 3 Paragraph 5 of Presidential Decree
No. 135 placing on equal footing importations and local purchases of
fertilizer and fertilizer inputs in so far as their tax treatment is
concerned will enable domestic products and suppliers to compete
effectively with foreign suppliers resulting in savings in foreign
exchange and other inherent benefits to the country.
WHEREAS, an amendment to the same provision of the said decree to
extend the power of the Authority from two years as originally
contained in Presidential Decree No. 135 to five years is required to
provide the Authority with added flexibility in procuring finished
fertilizers and the necessary inputs to production in view of
foreseeable continued tight supply and high world market prices of
fertilizers. chanroblesvirtualawlibrary
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines,
by virtue of the powers vested in me by the Constitution, do hereby
amend Section 3 Paragraph 5 of Presidential Decree No. 135, as follows:cralaw:red
"Sec. 3. The Fertilizer Industry Authority shall have
the following powers:cralaw:red
xxx
xxx
xxx
5. To imports fertilizer and fertilizer inputs exempt
from customs duties, compensating and sales taxes and all other taxes,
and to purchase locally naptha free from specific taxes and the
corresponding duty on the imported crude for a period of five years
from February 22, 1973 unless earlier terminated or later extended by
the President, and to sell or convey such fertilizer or fertilizer
input to any individual association, or corporation likewise exempt
from the payment of customs duties and all other taxes."
This Decree shall take effect on July 19, 1974.
Done in the City of Manila,
this 19th day of July, in the year of Our Lord, nineteen hundred and
seventy-four.
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