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PRESIDENTIAL DECREE NO. 1993
PRESIDENTIAL DECREE NO. 1993 -
AMENDING Section TWELVE OF PRESIDENTIAL DECREE NO. 1869 CONSOLIDATING
AND AMENDING PRESIDENTIAL DECREES NOS. 1067-A, 1067-B, 1067-C, 1399,
AND 1632, RELATIVE TO THE FRANCHISE AND POWERS OF THE PHILIPPINE
AMUSEMENT AND GAMING CORPORATION (PAGCOR)
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WHEREAS,
over the past few years, the government share in casino earnings has
financed the construction and establishment of various infrastructure
and socio-civic projects throughout the Philippines which have
contributed to the improvement in the quality of life of the people;chanroblesvirtualawlibrary
WHEREAS, the adverse economic conditions obtaining in the country
during the last two years markedly affected the government's capability
to raise adequate revenues to fund its operations and meet its
obligation commitments; chanroblesvirtualawlibrary
WHEREAS, in order to support the government's economic recovery program
that is now in place, there is an urgent need to prime the economy by
allocating more funds to complete and finish priority infrastructure
development projects which are necessary ingredients to insure the
success of the program;chanroblesvirtualawlibrary
WHEREAS, the government share from casino operations can be utilized as
a source of funds to finance the priority infrastructure development
projects and to finance the restoration of damaged or destroyed
facilities due to calamities. 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. Section 12 of Presidential Decree No.
1869 is hereby amended to read as follows:cralaw:red
"Sec. 12. Special Condition of Franchise. — After
deducting five (5%) percent as Franchise Tax, the fifty (50%) percent
share of the government in the aggregate gross earnings of the
Corporation from this Franchise, or 60% if the aggregate gross earnings
be less than P150,000,000.00, shall immediately be set aside and shall
accrue to the General Fund to finance the priority infrastructure
development projects and to finance the restoration of damaged or
destroyed facilities due to calamities, as may be directed and
authorized by the Office of the President of the Philippines. chanroblesvirtualawlibrary
Section 2. This Decree shall take effect immediately.
Done in the City of Manila,
this 31st day of October, in the year of Our Lord, nineteen hundred and
eighty-five.
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