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PRESIDENTIAL DECREE NO. 2026
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PRESIDENTIAL DECREE NO. 2026 -
RESTORING THE TAX PRIVILEGES GRANTED TO RURAL BANKS, AND AMENDING FOR
THE PURPOSE OF Section 1 OF PRESIDENTIAL DECREE NO. 1955
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WHEREAS,
rural banks play a vital role in the agricultural development program
of the Government, as they serve the vast majority of the population in
the rural areas; chanroblesvirtualawlibrary
WHEREAS, rural banks had earlier been granted tax privileges to
strengthen and ensure their viability;chanroblesvirtualawlibrary
WHEREAS, however, Presidential Decree No. 1955 withdrew the duty and
tax privileges granted to private business enterprises and/or persons
engaged in any economic activity, including rural banks;chanroblesvirtualawlibrary
WHEREAS, the withdrawal of the tax exemption previously extended to
rural banks, has adversely affected the profitability and viability of
more than ninety percent (90%) of all rural banks operating throughout
the country, especially in view of the prevailing economic conditions;chanroblesvirtualawlibrary
WHEREAS, the restoration of the tax exemption of rural banks, will
certainly help them weather the present economic crisis;chanroblesvirtualawlibrary
WHEREAS, Parliamentary Bill No. 4531 introduced by MPs Emilio C. Macias
II and Ricardo D. Abiera, was pending in the Batasang Pambansa, but was
not passed before the Batasan's adjournment, for lack of material time;chanroblesvirtualawlibrary
WHEREAS, considering the urgent representations of the rural bankers,
and in order to ensure their survival in the face of the grave
emergency caused by present economic difficulties, there is a need to
act expeditiously to save the rural banking system from total
collapse. chanroblesvirtualawlibrary
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines,
by virtue of the powers vested upon me by the Constitution, do hereby
decree:cralaw:red
Section 1. Section 1 of Presidential Decree No. 1955,
is hereby amended by adding a new paragraph thereto, as follows:cralaw:red
"(f) Rural banks whose net assets are less than
Thirty Million Pesos (P30,000,000.00): Provided, That the tax
privileges shall be extended only for period of five years from the
date of the effectivity of this Decree, subject to further extension as
may be recommended by the Minister of Finance."
Section 2. All laws, orders, rules, regulations and
issuances inconsistent with the provisions of this Decree, are hereby
repealed, amended, or modified accordingly.
Section 3. This Decree shall take effect immediately.
Done in the City of Manila,
this 3rd day of February, in the year of Our Lord, nineteen hundred and
eighty-six.
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