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PRESIDENTIAL DECREE NO. 1997
PRESIDENTIAL DECREE NO. 1997 -
GRANT OF ADDITIONAL INCENTIVES TO ACCELERATE THE COCONUT PRODUCTIVITY
PROGRAM
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WHEREAS,
the current economic crisis amounts to a grave emergency which affects
the stability of the nation and requires immediate action;chanroblesvirtualawlibrary
WHEREAS, as part of the national economic recovery efforts, it is
necessary to accelerate the coconut productivity program by
liberalizing the availment of incentives or assistance to those who
would like to participate in and implement the coconut productivity
program; chanroblesvirtualawlibrary
WHEREAS, it is also necessary to provide the necessary appropriation to
enable Government to program 30,000 hectares a year for coconut
planting/replanting.
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Republic of
the Philippines, by virtue of the powers vested in me by the
Constitution and laws, do hereby order and decree the following:cralaw:red
Section 1. Section 3 of P.D. 1972 is hereby amended
to read as follows:cralaw:red
"In accordance with the general government policy of self-reliance and
in order to encourage the private sector to devise and implement their
own planting or replanting program, the Government through the
Philippine Coconut Authority (PCA) hereby adopts a supplementary
program of financial assistance by appropriating funds from out of the
revenue of the national government and/or local government and, as may
be determined by the President from out of borrowings, so that 30,000
hectares could be programmed per year for planting or replanting.
Government assistance can be given in the form of incentives, such as:cralaw:red
a) Tax credits or duty rebates if the persons or
entities which have paid taxes or duties have advanced invested funds
in accordance with laws and implementing rules and
regulations. chanroblesvirtualawlibrary
b) Refunds of reasonable amounts actually spent
invested by qualified persons or entities in projects that qualify
under the coconut planting/replanting program of the Government.
c) Tax and duty exemptions for capital equipment
utilized in the development of such projects.
d) Exemption from payment of: (i) donor's and donee's
taxes on any amount contributed to the Program and/or the Project; and
(ii) real property taxes on lands included in the Project as well as on
all improvements introduced therein and all machinery and equipment
therein located for a period of ten (10) years from date of approval of
the Project.
The Project or any participating person or entity may acquire lands or
interest therein, notwithstanding any prohibition or restrictions
imposed by Commonwealth Act No. 141, as amended, otherwise known as the
Public Land Act; Provided, the proposed owners qualify under
nationality requirements of the Constitution of the Philippines." chanroblesvirtualawlibrary
Section 2. The President may grant new or additional
incentives or modify existing ones in order to ensure the continued
viability of the coconut productivity program.
Section 3. This Decree shall take effect immediately.
Done in the City of Manila,
this 7th day of November in the year of Our Lord, nineteen hundred and
eighty-five.
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