National Power Corporation

January 2, 1986 FIRB RESOLUTION NO. 001-86 SUBJECT : National Power Corporation BE IT RESOLVED, AS IT IS HEREBY RESOLVED: That 1. Effective July 1, 1985, the tax and duty exemption privileges enjoyed by the National Power Corporation (NPC) under Commonwealth Act No. 120, as amended, are restored; Provided, That importations of fuel oil (crude oil equivalent) and coal of the herein grantee shall be subject to the basic and additional import duties; Provided, further, That the following shall remain fully taxable: DTcASE a. Commercially-funded importations; and b. Interest income derived by said grantee from bank deposits and yield or any other monetary benefits from deposit substitutes, trust funds and other similar arrangements. 2. The NPC as a government corporation is exempt from the real property tax on land and improvements owned by it provided that the beneficial use of the property is not transferred to another pursuant to the provisions of Sec. 40 (a) of the Real Property Tax Code, as amended. (SGD.) CESAR E.A. VIRATA Minister of Finance Chairman-FIRB