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PRESIDENTIAL DECREE NO. 348
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PRESIDENTIAL DECREE NO. 348
- AMENDING SectionS 6 AND 8 OF PRESIDENTIAL DECREE NO. 218 DATED JUNE
16, 1973
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I,
FERDINAND E. MARCOS, President of the Philippines, by virtue of the
powers in me vested by the Constitution as Commander-in-Chief of the
Armed Forces of the Philippines, and pursuant to Proclamation No. 1081,
dated September 21, 1972, as amended, and General Order No. 1, dated
September 22, 1972, as amended, do hereby amend Presidential Decree No.
218 dated June 16, 1973 as follows:cralaw:red
Section 1. Section 6 of the Presidential Decree No.
218 is hereby amended to read as follows:cralaw:red
"Sec. 6. An alien executive of the regional or area
headquarters of a multinational company shall enjoy the privileges
extended to foreigners coming to settle in the Philippines for the
first time as provided for under Section 105(h) of the Tariff and
Customs Code, as amended, and Section 190(f) of the Internal Revenue
Code, as amended, including the importation, only once, duty and tax
free of one (1) motor vehicle subject to the condition that said motor
vehicle shall be subject to payment of duty and tax upon the sale
thereof within the country. This condition shall be indicated in the
certificate of payment to be issued by the Collector of Customs and in
the vehicle registration certificate."
Section 2. Section 8(d) of Presidential Decree No.
218 is hereby amended to read as follows:cralaw:red
"(d) Any willful violation by the regional or area
headquarters of a multinational company of any provisions of this
Decree, or its implementing rules and regulations, or other terms and
conditions of its registration, or any provision of existing laws,
shall constitute a sufficient cause for the cancellation of its license
or registration. For this purpose, the Secretary of Trade shall, in
consultation with the Director-General of the National Economic and
Development Authority, issue regulations governing the operations of
said regional or area headquarters in the Philippines necessary for the
effective implementation of this Decree."
Section 3. This Decree shall take effect immediately.
Done in the City of Manila,
this 22nd day of December, in the year of Our Lord, nineteen hundred
and seventy-three.
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